Ethereum traders are piling into long positions
Recent data from InTheBlock could suggest that Ethereum traders are piling up in long positions, as open interest hits the highest value in 10 days. Open interest refers to the total amount of open positions in perpetual swaps and reached $9.37 billion for ETH.
Traders who go long expect the price to rise from a certain point. Going long might also mean buying the cryptocurrency or opening a long position.
Ethereum surged above $1,900 to hit highs of $2,015 on May 31, after facing intense selling pressure last week.
The cryptocurrency is now struggling to sustain its upward momentum as it faces the $2,000 psychological level. Traders do anticipate this level might be surmounted in the days ahead as the ETH technical outlook has been improved by its recovery from recent lows near $1,700.
Based on its daily chart, if the bulls fail to clear the $2,000 level, Ethereum could once again be at risk of falling to the $1,700 level. Ethereum is trading at $1,975 at press time.
Ethereum Ropsten finally moving proof of stake as new beacon chain launches
After years of hard work, Ethereum says it is now entering the final testing stage in bringing proof-of-stake to the network, testnet deployments.
Ethereum network’s Ropsten testnet is ready to move to a proof-of-stake (PoS) consensus mechanism, according to the Ethereum developer Tim Beikowho announced on Tuesday that a new Beacon channel for Ropsten had launched ahead of the final Merge test, which is expected to take place “around June 8”.
After Ropsten, two more testnets (Goerli and Sepolia) will be moved to proof-of-stake before the mainnet is focused on. Other testnets, such as Rinkeby and Kovan, may be maintained and developed by the community independently, but client developers will no longer be monitoring them.
