empty
14.03.2025 01:25 PM
Another Consolidation Before a Drop

Bitcoin and Ethereum continue their attempts to rise, but each time they face obstacles, suggesting that this is more of a consolidation phase within an ongoing bearish correction rather than the beginning of a new bull market, which many traders are hoping for.Ethereum gained 1.46% following news that Foundation developers will launch a new test network, Hoodi. The long-term testnet is expected to go live next week, on March 17. This decision comes about a week after Ethereum researchers and developers met to discuss the issues surrounding the Holesky and Sepolia hard forks, both of which encountered problems.

This image is no longer relevant

According to experts, the Holesky testnet, one of Ethereum's two primary testing environments, lost functionality due to a configuration error about two weeks ago during the activation of the Pectra upgrade. While the network recovered on Monday, it remains partially unusable for certain research purposes.

The Pectra upgrade is a major update aimed at improving Ethereum's usability and scalability. It includes plans to reduce costs by increasing the number of "blob" transactions for Layer 2, significantly enhancing smart contract and wallet functionality.

Pectra could go live on Ethereum's mainnet as early as April 25, roughly 30 days after its scheduled deployment on the new Hoodi testnet. The Ethereum Foundation plans to invest significant resources into Hoodi, deploying a validator count similar to that of Ethereum's mainnet.

As of yesterday, developers have agreed to launch the new test network rather than explore alternative proposals. Hoodi aims to provide researchers with a dedicated environment for testing validator exits, something that was impossible on Holesky due to the backlog of validator exits.

As mentioned earlier, Ethereum reacted positively to this news, but it failed to generate significant growth.

This image is no longer relevant

Technical Outlook for Bitcoin (BTC/USD)

Buyers are currently targeting a return to the $83,000 level, which would open the way to $85,000 and subsequently $87,200. The ultimate target would be the $89,900 resistance, a breakout of which would signal a return to a medium-term bull market.

In the event of a decline, buyers are expected to step in at $80,900. A drop below this level could quickly push BTC down to $78,800, with the final bearish target at $76,800.

This image is no longer relevant

Technical Outlook for Ethereum (ETH/USD)

A clear breakout above the $1,929 level would pave the way for a move to $2,015. The ultimate target is the yearly high at $2,117, a breakout of which would signal a return to a medium-term bull market.

If Ethereum declines, buyers are expected at $1,848. A drop below this level could send ETH down to $1,767, with the final bearish target at $1,682.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Bitcoin. May 23rd. Smart Money System Analysis

Bitcoin continues to form a bullish trend structure. One could argue whether there are real reasons for a new bullish trend at the moment, but the chart suggests only that—unambiguously

Samir Klishi 20:04 2025-05-23 UTC+2

TRUMP official: crypto community, protests, and politics

On the evening of May 22, 2025, a unique event took place at the Trump National Golf Club in Virginia — a dinner hosted by Donald Trump with the largest

Jurij Tolin 16:49 2025-05-23 UTC+2

Technical Analysis of Intraday Price Movement of Doge Cryptocurrency, Friday May 23, 2025.

It appears that the price movement of the Doge Cryptocurrency on the 4-hour chart is moving above the WMA (21) which has a slope that is going upwards

Arief Makmur 09:04 2025-05-23 UTC+2

Technical Analysis of Intraday Price Movement of Ripple Cryptocurrency, Friday May 23, 2025.

If we look at the 4-hour chart of the Ripple cryptocurrency, it appears to be moving above the WMA (21) which has a steep slope and has successfully broken

Arief Makmur 09:04 2025-05-23 UTC+2

Bitcoin Forecast for May 23, 2025

On Thursday, Bitcoin's price reached the target level of 111,770. The Marlin oscillator appears to be lagging behind the price, giving the impression of a potential divergence — though unconventional

Laurie Bailey 04:45 2025-05-23 UTC+2

Bitcoin aims to hit $120,000? What lies behind its rally and when to expect retracement

On May 22, Bitcoin confidently broke through the $111,888 level, setting a new all-time high of $111,867. Unlike previous rallies marked by retail investor euphoria, this time the market's behavior

Ekaterina Kiseleva 16:12 2025-05-22 UTC+2

Bitcoin extending confident rally

Bitcoin demand appears to be surging, judging by its recent performance. At the time of publication, the BTC/USD pair was trading near 111,200.00, slightly down from today's and the all-time

Jurij Tolin 16:02 2025-05-22 UTC+2

Bitcoin: $115,000 — Next Stop or Bull Trap?

Bitcoin is steadily approaching its all-time high and, according to several analysts, is poised to set a new record. Current levels near $105,000 are more than just numbers — they

Ekaterina Kiseleva 00:58 2025-05-21 UTC+2

BTC/USD Analysis on May 20, 2025

The wave pattern on the 4-hour chart for BTC/USD has been becoming more complex in recent months. We observed a corrective downward structure, which completed its formation around the 75,000

Chin Zhao 11:11 2025-05-20 UTC+2

Technical Analysis of Daily Price Movement of Ethereum Cryptocurrency, Friday May 16, 2025.

If we look at the 4-hour chart, the Ethereum cryptocurrency appears to be moving above the WMA (21) which is a dynamic support where the WMA has a slope that

Arief Makmur 06:09 2025-05-16 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.