News background and technical analysis data support buying ETHUSD up to 2,450

The ETHUSD exchange rate is moderately declining on Thursday after yesterday's increase. The price is trading above the 2,000 level due to the Ethereum Foundation's (EF) announcement about the closure of the Holesky testnet.

The EF attributed its decision to technical issues, with the network experiencing extensive inactivity leaks as part of its recovery mechanism. This affected the network's normal operations. Holesky will now be replaced by the new Hoodi testnet, launched on Monday.

Holesky suffered critical bugs during testing the Pectra upgrade on February 24, which prevented transactions from being finalised. Despite successful network recovery, issues with the validator exit mechanism did not allow full testing of the validator lifecycle. As the EF explained, it will take about a year to completely remove the exited validators from the network. This makes further operation of Holesky unreasonable.

Developers intend to test Pectra on Hoodi on March 26 as a final rehearsal before the main chain debuts. If everything goes according to plan, the EF could ship Pectra on the main ETH chain by April 25.

Pectra will introduce important changes to Ethereum, including higher betting limits, improved account recovery mechanisms, and support for sponsored transactions.

Against this news background, the Ethereum market is highly active. According to Coinglass, over the last 24 hours, transactions on the ETH market totalled $83.17 million, of which $66.27 million was accounted for long positions.

According to the ETHUSD technical analysis, a downtrend is forming on the daily timeframe (D1). Having tested the trend support, the price headed towards the opposite limit of the channel.

The MACD indicator volumes (standard parameters) moved into the positive zone on the H4 timeframe, indicating stronger bullish sentiment.

Signal:

The short-term outlook for ETHUSD suggests buying. 

The target is at the level of 2,450.000.

Part of the profit should be taken near the level of 2,200.000.

A stop-loss could be placed at the level of 1,750.000.

The bullish scenario is short-term, so a trading volume should not exceed 2% of your balance.