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Ethereum (ETH) price traded above $2,020 midweek after the Ethereum Foundation (EF) announced it would shut down the Holesky testnet on Sept. 30. While a quick retrace below $2000 took place soon after, it seems like the bearish trap on ETH price could be easing soon.
The decision follows prolonged technical issues that rendered the network inefficient for long-term validator testing.
Ethereum Foundation Ends Holesky Testnet, Moves to Hoodi
In a blog post, EF explained that Holesky suffered “extensive inactivity leaks” due to a bug in validator client configuration. Although developers managed to restore finality last week, the network’s exit queue remains congested, preventing effective testing of staking operations.
To replace Holesky, EF launched the Hoodi testnet on Monday. The foundation urged staking operators and infrastructure providers to migrate their testing activities to the new environment, with the Pectra upgrade scheduled for activation on Hoodi on March 26. If successful, Pectra could reach Ethereum’s mainnet 30 days later.
Can Ethereum (ETH) Price Reclaim $2K?
Ethereum’s price recovery past $2,000 came after weeks of struggle below the key psychological level. Earlier this month, ETH briefly dipped under $1,800, its lowest point since Oct. 2023.
X user Jelle noted that ETH bounced “right where it matters” at the $2,000 support level, suggesting a possible shift in momentum. Rekt Capital also highlighted a potential rally, forecasting that ETH could reclaim the $2,196–$3,900 range if it maintains strength before the March monthly close.
Crypto Patel took an even more bullish stance, calling the sub-$2,000 price range “a massive buying opportunity” and predicting a long-term surge toward a new all-time high above $8,000.
Bear Trap or True Breakout? Analysts Weigh In
Some analysts believe Ethereum is escaping a bear trap. CryptoGoos pointed out that ETH’s price action mirrors patterns seen before major trend reversals. Similarly, Merlijn The Trader compared the current setup to 2020, when a period of panic gave way to a historic rally.
Others remain cautious. Ethereum’s Relative Strength Index (RSI) recently hit the overbought zone above 70, a level that often signals potential price corrections. CryptoQuant data also shows an increase in ETH inflows to exchanges, raising concerns about short-term selling pressure.
Rekt Capital suggested that if ETH can reclaim the $2,196 level before March ends, recent downside moves could become nothing more than “a wick on the chart.”
Meanwhile, seasoned trader Ted argued that Ethereum is exiting its accumulation phase, reinforcing bullish sentiment.
Despite the uncertainty, Ethereum remains at a crucial juncture. Traders are watching closely to see if the latest breakout holds—or if another pullback is on the horizon.
