Ethereum Price Hits $4,320 After Fusaka Upgrade on Testnet
Ethereum (ETH) rose 5% on Wednesday. This followed the successful launch of its Fusaka upgrade on the Holesky testnet. The upgrade is now closer to launching on the mainnet.
Fusaka Upgrade Launches on Holesky Testnet
Ethereum’s Fusaka upgrade went live on the Holesky testnet on Wednesday. Testnets let developers test new features safely before mainnet release. Validators and infrastructure providers are testing Fusaka to give feedback on its performance.
Fusaka includes 12 Ethereum Improvement Proposals (EIPs). The key feature is PeerDAS (EIP-7594). PeerDAS helps reduce costs and increase throughput on Layer 2 networks. It lets validators verify transactions without downloading all rollup data.
This upgrade follows the Pectra upgrade, which launched on mainnet in May. Pectra added smart wallet functions, better staking, and expanded blob support.
Developers plan to launch Fusaka on the Sepolia and Hoodi testnets on October 14 and 28. The mainnet launch is tentatively set for December 3. After the mainnet launch, Holesky will shut down and be replaced by Hoodi. Holesky had some issues during Pectra testing, including delays in finalizing blocks.
Ethereum Price Outlook: ETH Eyes 50-Day Moving Average
Ethereum saw $145.7 million in futures liquidations in the last 24 hours. Short liquidations made up $110.6 million, according to Coinglass data.
ETH broke above a descending trendline from September 13. It now aims to test the 50-day Simple Moving Average (SMA). Above the 50-day SMA, ETH faces resistance near $4,500.
On the downside, support may appear around $4,100 or the 100-day SMA if sellers gain strength. The Relative Strength Index (RSI) and Stochastic Oscillator show mild bullish momentum.
