ETH declines despite Ethereum 2.0 going live

Ether’s (ETH) price is currently down by nearly 3% over the past 24 hours despite the Ethereum 2.0 Beacon Chain going live yesterday The Ethereum network is inching closer to launching the Ethereum 2.0 and moving to a Proof of Stake protocol (PoS). The launch of Beacon Chain concludes phase zero of Ethereum’s consensus mechanism transition.

Developers and researchers believe that the Beacon Chain launch is a huge development for Ethereum as it lays the foundation for the network’s more scalable, secure and sustainable home. Following the launch of the Beacon Chain, Ethereum 2.0 is now left with two technical hurdles to overcome before PoS becomes a reality.

Timeline of Ethereum