After a few days of turmoil, the market has gone green today, with ETH breaking through the $4,000 resistance. On a daily close basis, it remains to be seen whether ETH can maintain the critical price.
The latter will be the first stage in the bulls’ plan to establish a $4K floor. The level must then be retested and confirmed as support by ETH. $4435 is the next key resistance level for ETH, followed by $4868. However, incase of a fall, the support is at $4000 and $3700.
On a daily period, the overall trading volume remained modest compared to previous days. As for the technical indicators, the daily RSI is rising again. If the ETH price can stay above the important $4,000 barrier, the RSI might see a higher high, turning bullish for the near-term. The daily MACD is a day away from making a bullish cross.
Kintstugi Testnet goes live!
In preparation for the introduction of ETH 2.0, Ethereum announced the creation of the Kintsugi testnet. Kintsugi is a Japanese word that refers to the art of using gold lacquer to mend shattered pottery. Ethereum is hoping to follow the similar path.
The testnet, according to Ethereum, will aid developers in merging the network’s mainnet with the Beacon chain. Furthermore, Ethereum has stated that the combined network will be more efficient and scalable.
The Kintsugi Testnet is only a beta phase of the experiment, according to the statement. Before the ETH 2.0 Testnet is officially launched in Q2 of 2022, developers will test Kintsugi and submit comments.
Ether has been on a tear since the news, climbing more than 7% in the previous 24 hours and regaining $4,000 in the process.