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The Ethereum 
$2,418 Foundation announced the launch of its first short-lived testnet, ‘Mekong’, on Thursday. This testnet includes all proposed EIPs for the upcoming Pectra upgrade on the Ethereum network. The ETH price, which saw an 8% increase in the last 24 hours, may target the $4000 mark.
Mekong Testnet Features
On November 7, the Ethereum Foundation introduced the short-lived Mekong testnet in an official statement.
The Foundation noted that the Mekong testnet encompasses all proposed EIPs for the next major Pectra upgrade. Updates include user experience changes via EIP-7702, staking modifications with EIP-7251, and alterations to deposit and exit mechanisms through EIP-6110 and EIP-7002.
Impact on ETH Price
The combination of Donald Trump’s victory and optimism surrounding the DevCon event has triggered an ETH rally. The launch of the Mekong testnet aims to further elevate ETH prices. Analyst Benjamin Cowen expressed expectations of an Ethereum price rally following the confirmation of a base formation above the 50 DMA in the ETH/BTC pair.
Michael van de Poppe and Ali Martinez noted that Ethereum is in the early stages of a bull market. With the Pectra upgrade anticipated in early 2025, whales are likely to make purchases at the dip.
Poppe remarked that the markets have turned, predicting significant growth for ETH. Martinez added that the MVRV Momentum surpassing the 180-day level supports the bullish trend.
Today, the ETH price rose by 8%, reaching the highest level in three months at around $2900. The 24-hour low and high prices were recorded at $2611 and $2878, respectively.
In summary, the launch of Ethereum’s Mekong testnet and preparations for the Pectra upgrade may positively impact ETH’s future price performance. This testnet provides wallet developers and stakers with an opportunity to experience significant changes, aiming to support the successful implementation of innovations on the mainnet.
