ETH hopes Q2 rebound with Pectra mainnet launch and DEX volume supremacy

Ethereum reversed Solana in March's DEX trade volume as memecoin activity dropped.

Derive executives said the Pectra update might boost ETH by Q2 end.

After rebounding from $1,800, ETH failed to form a rounded top.

After a rough Q1, Ethereum (ETH) is up 5% on Tuesday, starting Q2 well. Following Ethereum's recent DEX trade volume supremacy and the Pectra mainnet upgrade, the leading altcoin may recover in Q2.

Solana fell behind Ethereum in DEX trade volume in March for the first time since September 2024. DefiLlama statistics shows Ethereum DEXs' $64.69 billion volume, greater than Solana's $52.62 billion.

Solana and Ethereum had total volumes of $258.49 billion and $86.11 billion in January, respectively, but DEX traffic is much below levels observed in the preceding four months.

ETH fell 21% in March despite beating DEX volume.

Coinglass research shows Ethereum's 45% Q1 fall was the biggest since 2018. This is its worst quarterly result since Q2 2022's weak market.

Ethereum might outperform Solana's trading volume and comeback in Q2—ETH's second-best quarter historically—if the Pectra upgrade's new capabilities reach mainnet on April 30.

"For ETH, there is a 22% chance that its price will drop below $1,600 by April 25 and a 17% chance that it will rise above $2,000 by the same date," he said, using Derive statistics.

Pectra will provide wallet recovery, transaction batching, and blob growth to Ethereum.

Coinglass data shows $45.80 million in Ethereum futures liquidations in 24 hours. Long liquidations totaled $9.73 million and short liquidations $36.07 million.

After failing to confirm a weekly chart rounding top pattern, ETH rose 5% on Tuesday off $1,800 support. Since ETH has been rejected at $2,070 for two weeks, the leading cryptocurrency may be meeting resistance.

ETH might start a strong rise if it breaks $2,070, $2,260, and a declining trendline from December 16. After falling below $1,800, ETH may find support near $1,500.

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