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Ethereum developers have finally rolled out a new testnet for Pectra after several unexpected issues delayed its deployment to the mainnet. Community members are now watching to see the impact of the upgrade preparation on ETH, the ecosystem’s native token. Developers initially planned for the Pectra upgrade to go live on the mainnet in March. They deployed Pectra into the network’s Holesky testnet on February 24. The upgrade, however, failed to finalize the network due to a problem with the fork configuration. This prompted developers to investigate and address the causes. As highlighted in our previous article, the Ethereum developers again introduced the upgrade on the Sepolia testnet. However, they encountered errors worsened by an unknown attacker who used an “edge case” to cause the mining of empty blocks. The Ethereum Foundation soon announced the launch of another testnet, Hoodi, to better prepare for the Pectra upgrade. In our last update, we examined whether Hoodi will focus on testing validator exits and addressing limitations in Ethereum’s Holesky testnet. Pectra may hit the mainnet as early as April 25 if it runs smoothly on the Hoodi testnet. Commenting on the upgrade, Nixo Rokish, an Ethereum Foundation protocol support team member, said developers are exhausted from the Pectra preparations. Rokish emphasized that consensus layer developers are particularly feeling the heat as Hoodi marks the third attempt to test Pectra. Rokish further noted that the Holesky testnet failed in part because developers never tested it with a small validator set on the canonical chain. With only 10% left on the canonical chain, validators overloaded their RAM and memory. They eventually kept the state for 90% of validators on the non-canonical chain. Meanwhile, Ethereum’s broader development continues to progress despite the recent testnet challenges. The network released the Dencun upgrade on March 13, 2024, which implemented many changes in the blockchain. While the price of ETH is still down on the daily chart, the altcoin has moved over the $2,000 mark, fueling optimistic sentiments among investors. At press time, ETH price was trading at $2,070, down 1.02% but up 2.16% in the past seven days. Based on the price chart, ETH may likely see consolidation between $2,050 and $2,150. Additionally, ETH’s growth rate is far from support and resistance levels. The low daily volume further confirms this, which indicates the absence of buyers’ or sellers’ strength. However, Ethereum’s open interest in the futures market has risen substantially in anticipation of the Pectra upgrade. As detailed in our last news piece, Ethereum’s open interest recently rose from 9.40 million ETH to 10.10 million ETH. This surge signals growing interest in derivative positions, which could help push ETH to new highs.

$btc update. Lovely short last night. Both TPs hit and we also filled the cme gap. I expect a nice bounce soon. 82.8-83.8 is the area to long…

$LTC 🔹Price is Forming a Bearish pattern. 🔹Breakdown of trendline, already done. 🔹Now we will be waiting for a pullback. 🔹The area of 90$ to 91$ is an important pullback area. 🔹If Price Retest this area, we can look for short trade. 🔹Target can be 78$ 🔹Keep an eye on it. 🔹We will share call soon.

🟡Ethereum (ETH) At the start of this week, Ethereum had a good attempt at a relief rally, but the bullish momentum soon stopped when the price reached $2,000. Sellers returned there and pushed ETH into a pullback, closing with a 3% loss. The fact that the price was unable to hold above $2,000 means bears are still in control at the time of this post. They may also attempt to break the key support at $1,800 next. Looking ahead, Ethereum $ETH remains in a downtrend. The price failed to make a higher high or higher low, and a re-test of the key support appears likely. Buyers have to defend $1,800 if they want to avoid lower price levels. 🟡Ripple (XRP) XRP is in a similar boat to Ethereum. Its recent relief rally topped at $2.6 before sellers returned to push the price into a pullback, which is why XRP fell by 7% on the weekly timeframe. The most important support on the chart is found at $2, where buyers always return to make a stand. XRP $XRP may soon find itself in a difficult position as this level has already been tested seven times, and each new attempt is an opportunity for sellers to break it. Looking ahead, XRP appears weak at the time of this post and seems unable to address the pressure from sellers. Hopefully, buyers will return at $2 as the alternative is a quick fall to $1.6 after that. 🟡Cardano (ADA) $ADA has been moving sideways for the past three weeks with the price stuck in a tight range. This is why it also closed the week with a 1.5% loss. While this is not significant, this consolidation period may anticipate a larger move later. The most important support is at $0.64, and the key resistance is at $0.9. If ADA buyers remain absent, then the support may be put under pressure soon. Should it not hold, then bulls will likely retreat to the next support level at $0.5. Looking ahead, Cardano is not giving any clear clues on where it plans to move next. It is best to wait for the price to pick a clear direction before considering your next move. 🟡Toncoin (TON) $TON is the only cryptocurrency on our list that closed the week in green with a 10% price increase. This is impressive considering most altcoins are in the red right now. This performance comes after buyers broke the resistance at $3.75 and turned it into key support. During its rally, TON reached $4, and the next key resistance is found at $4.62. Looking ahead, Toncoin could continue its rally, but it is unlikely to sustain it if the overall market remains somewhat bearish. It is best to be cautious when the price is above $4, as TON could also enter a pullback.

Was early TPing this but analysis was spot on, hopefully I protected some of you guys from this dump. I was pretty vocally bearish as soon as I saw that Gamestop/Saylor double wammy this week