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Ethereum (ETH) Risks Return to $2,000 in Event of This Scenario

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Fri, 1/12/2023 - 16:30
Ethereum (ETH) Risks Return to $2,000 in Event of This Scenario
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Crypto analyst Ali highlights the possibility of a return toward $2,000 for the second largest cryptocurrency by market capitalization, Ethereum (ETH), if a scenario presented by the TD sequential validates.

According to Ali, the TD sequential, known for its accuracy in predicting ETH's price movements on the four-hour chart, has flashed a sell signal at a key resistance level. Should this signal hold, ETH may retrace and head toward the $2,000 price point.

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At the time of writing, ETH was up 2.22% in the last 24 hours to $2,076. A trip toward $2,000 would mean a 5% drop for ETH in the short term.

Related
Ethereum (ETH) Whales Enter Aggressive Accumulation, Signal for Bulls?

The largest Ethereum wallets, however, continue to form an encouraging pattern, according to Santiment. The ten largest exchange wallet holdings have reached a six-month low at 8.03 million ETH, while nonexchange wallet holdings have soared to an all-time high at 41.03 million ETH as more coins move to self-custody.

Ethereum developers announce important update on Goerli

Goerli, Ethereum's first multiclient testnet, will no longer be supported by client and EF testing teams in the next few months.

The Dencun network update will be the network's final upgrade. The above-mentioned teams will begin exiting their validators three months after the Goerli Dencun activation or one month after the Dencun mainnet activation, whichever comes later.

Users of Goerli as a stable testnet should migrate elsewhere before this.

While Goerli staking is permissionless, validators from the client and testing teams constitute the vast majority of the stake. As a result, their exits will have an impact on the network's stability.

Furthermore, teams intend to take the opportunity to test delayed finality, inactivity leaks and mass slashings.

Sepolia is encouraged to be used by application and tool developers to test decentralized applications, smart contracts and other EVM features.

Stakers and infrastructure providers interested in protocol-level testing should use the recently released Holesky testnet. Stakeholders should also consider the Ephemery testnet for validator setup testing. Goerli is currently expected to be the first testnet to activate the Dencun upgrade. 

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