Mekong Testnet Boosts Ethereum: Large Transactions Hit Three-Month High

Ethereum's Mekong Testnet Launch

Ethereum has made important progress with new updates. On November 7, it launched the Mekong testnet, which lets developers try out features for the future Pectra upgrade. This testnet is a place to test changes in user experience, staking, and other improvements before they go live on the main network. The Mekong testnet is crucial for making the Ethereum network better and safer for validators and stakers ahead of the Pectra update.

.Ethereum Whale Activity Sees Big Changes

This week, there have been big shifts in Ethereum whale activity, showing both accumulation and selling among large holders.

There was a rise in whale activity, reaching a six-week high when the price fell to around $2,380. This increase suggests that big holders are buying more ETH, which is usually seen as a positive sign for future price growth. Such buying often happens near important support levels, indicating confidence in a price recovery.

On November 6, large transactions over $100,000 went up by 60%, hitting a three-month high of 7,270 unique transactions. This spike shows that major investors are taking a stronger interest amid the price changes.

Technical Analysis: Resistance and Support Levels for Ethereum

Bullish momentum may be achievable if Ethereum maintains above 3000. The key near-term resistance is at 3000, with significant upward movement targeting, $3,200, or even $3,400. A robust bullish trend will only materialize above $3,400.

Conversely, immediate support is around $2,770. A fall below this threshold will confirm continued bearish momentum, potentially leading to price drops to $2500/$2300. A breach below $2000 could see Ethereum plummet to $1,800.

Traders may consider buying on dips near $2820, with a stop loss set around $2,700 and a target price of $3390