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

Pressure Returns to Bitcoin and Ethereum

Following Trump's speech at the crypto summit yesterday, pressure on Bitcoin and Ethereum has returned. Another factor contributing to this was a renewed sell-off in risk assets on the U.S

Jakub Novak 10:22 2025-03-21 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 21

Bitcoin and Ethereum once again struggled to overcome key resistance levels, preventing a short-term upward trend in these assets. Their inability to even hold near weekly highs also points

Miroslaw Bawulski 08:16 2025-03-21 UTC+2

Technical Analysis of Intraday Price Movement of Bitcoin Cryptocurrency, Friday March 21, 2025.

With the appearance of Divergence between Bitcoin price movements with the Stochastic Oscillator indicator and the Bullish 123 pattern followed by the Bullish Ross Hook (RH)), in the near future

Arief Makmur 06:18 2025-03-21 UTC+2

Technical Analysis of Intraday Price Movement of Ripple Cryptocurrency, Friday March 21, 2025.

If we look at the 4-hour chart of the Ripple cryptocurrency, there appears to be a Divergence between the Ripple price movement and the Stochastic Oscillator indicator and the appearance

Arief Makmur 06:18 2025-03-21 UTC+2

Bitcoin aims to hit $90,000

Following yesterday's Federal Reserve meeting, where the central bank ran out of strong arguments to keep interest rates high, Bitcoin and Ethereum have resumed their bullish movement. Despite the Fed's

Jakub Novak 09:32 2025-03-20 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 20

Bitcoin and Ethereum have experienced a rebound following yesterday's Federal Reserve meeting, which indicated that interest rates may need to be lowered. Regardless of how long the Fed intends

Miroslaw Bawulski 08:22 2025-03-20 UTC+2

Bitcoin Targets $85,000

Interest in Bitcoin remains strong, as any normal downward movement is quickly bought up by large players. The fact that U.S. spot Bitcoin ETFs have resumed recording net inflows also

Jakub Novak 10:49 2025-03-19 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 19

Bitcoin and Ethereum faced challenges again after a recent sell-off on the U.S. stock market, but buyers and major players once again showed their strength, purchasing all downward movements

Miroslaw Bawulski 09:01 2025-03-19 UTC+2

BTC/USD Analysis – March 18th: Bitcoin Prepares for Growth, but the Risk of Collapse Remains

The 4-hour wave structure for BTC/USD appears clear and well-defined. After completing a five-wave bullish trend, a bearish phase began, which currently resembles a corrective pattern. Based on this

Chin Zhao 09:47 2025-03-18 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 18

Bitcoin and Ethereum buyers attempted to achieve more significant growth, and for a moment, the bullish market might gain hope for a return. However, they could not hold the achieved

Miroslaw Bawulski 08:00 2025-03-18 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.