ETH/USD: Ethereum 2.0 testnet goes live, little market reaction so far

Ethereum team has reached another milsetone on the way to the major protocol upgrade.
The testnet is currently a simulation where the participants can check functionality.
ETH/USD stays range-bound as the recovery is capped by $200.00.

ETH developer team launches Ethereum 2.0 testnet.

Ethereum developers launched Ethereum 2.0 multi-client testnet. According to Eric Conner, Prysm and Lighthouse joint the net so far. Notably, the testnet launch is considered one of the milestones before the launch of the fully functional release of the major update for the second-largest digital asset.

However, testnet, called Schlesi, is one of the numerous steps to be taken in that direction, according to the description posted on GitHub.

Before such a mainnet can be launched, we need testnets that mimic mainnet conditions as good as possible. This requires us to have stable, long-term, and persistent testnets up and running that are supported by not only one client but multiple clients, ideally, all clients.

Schlesi participants won't get the real remuneration as it is a simulation as opposed to a fully functional testnet that can be used by end-users.

The current goal is to ensure protocol compatibility across major ETH 2.0 client implementations. Participation is free and permissionless, everyone can create validator deposits on the Goerli Ethereum testnet and start validating on Schlesi.

ETH shows little reaction

The transition to Ethereum 2.0 is considered as one of the main events for the second largest coin in 2020. The event is considered to be bullish, however, the experts warn, that the journey to the new version may be hard. ETH/USD has shown little reaction to the testnet launch so far. The coin has been sidelined above $195.00 since the beginning of the day, moving in sync with the market.

While the short-term trend remains bullish, we will need to see a sustainable breakthrough above $200.00 for the upside to gain traction. Otherwise, the bears may re-take the control over the situation and push the price towards daily SMA100 at $186.00 and the upside trendline at $181.00.

ETH/USD daily chart

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.