Crypto Industry News:
ZkSync announced the launch of the zkEVM testnet years ahead of schedule, making a pleasant surprise to supporters of Zero-Knowledge technology. The testnet of the new EVM (Ethereum Virtual Machine) will allow it to compete with Optimistic technology - the preferred method of increasing Ethereum scalability.
The Ethereum Virtual Machine (EVM) provides the structure in which all Ethereum wallets and contracts run, and is responsible for determining block-to-block chain rules. Ethereum protocol zkSync announced the launch of a Zero-Knowledge rollup (zkEVM) compatible with Ethereum Virtual Machine. It is believed that this test network could positively shape the future of the Ethereum network.
ZkEVM by zkSync is the first solution of this type, because it is the only Zero-Knowledge implementation that can support the entire Ethereum environment.
Ethereum remains the second most valuable digital asset in terms of market capitalization. However, the network is plagued by high gas charges (network transaction fees) that prevent many newcomers to the market from participating in the ecosystem. Due to the high fuel consumption of the network, many projects decide to develop their solutions, e.g. on the competitive (but centralized) Binance Smart Chain.
Technical Market Outlook
The ETH/USD pair rally has been temporary capped at the short-term trend line resistance around the level of $2,999. The target for bulls is seen at the level of $3,024 and in a case of a breakout higher, the rally might accelerate towards the swing high seen at the level of $3,287. Currently, the market is consolidating the recent gains and bulls try to continue the rally. The immediate technical support is seen at the level of $2,911, the technical support is located at $2,816 and $2,831.
Weekly Pivot Points:
WR3 - $3,411
WR2 - $3,141
WR1 - $2,874
Weekly Pivot - $2,577
WS1 - $2,325
WS2 - $2,017
WS3 - $1,770
Trading Outlook:
The market is bouncing after over the 50% retracement made since the ATH at the level of $4,868 was made. The level of $3,436 is the next key technical resistance for bulls. On the other hand, the next long-term technical support is located at $1,721 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term.
