Ethereum launches Mekong testnet for Pectra upgrade

The Ethereum Foundation has launched the Mekong testnet to prepare for the Pectra upgrade, which incorporates various proposed Ethereum Improvement Proposals (EIPs).

Announced on November 7, the Mekong testnet includes updates such as user experience enhancements (EIP-7702), staking modifications (EIP-7251), and changes to deposit and exit processes (EIPs 6110 and 7002).

This testnet gives wallet developers and stakers an early opportunity to explore and adapt to these upcoming changes.

The Pectra upgrade is expected to roll out in early 2025, setting the stage for potential shifts in the Ethereum (CRYPTO:ETH) ecosystem.

Ethereum’s price has surged by 8% over the past 24 hours, reaching $2,900, its highest level in three months.

The price increase aligns with market optimism spurred by Donald Trump’s presidential victory and the recent DevCon event.

Analysts, including Benjamin Cowen, foresee continued bullish momentum as ETH confirms a base above the 50-day moving average in the ETH/BTC pair.

Further support for this trend comes from market observers Michael van de Poppe and Ali Martinez, who highlight early indicators of a new bull market.

Martinez points out that surpassing the 180-day MVRV Momentum signals ongoing upward movement, while Poppe suggests that ETH is poised for substantial growth.

The Mekong testnet’s launch signals a critical phase for Ethereum, enabling developers to test and optimise features ahead of mainnet implementation.

As anticipation for the Pectra upgrade grows, the impact on ETH’s price could be significant, particularly as larger investors may begin positioning themselves for future gains.

At the time of writing, the Ethereum price was $2,913.22.