Ethereum (ETH) enters a critical week, with technical signals, on-chain data, and a major upgrade all converging. The Pectra upgrade, scheduled for May 7, aims to improve storage and wallet functionality, although short-term volatility is likely during the rollout.
At the same time, ETH's BBTrend sits at 1.22, showing early bullish momentum, although it is not strong enough to confirm a breakout. Meanwhile, whale activity remains close to 5,463 addresses, and prices continue to trade in a narrow range between $1,828 and $1,749, paving the way for a potential breakout or breakdown.
Ethereum's Pectra upgrade set for May 7: What to expect
The highly anticipated Pectra upgrade for Ethereum is scheduled to launch on May 7, introducing 11 new Ethereum Improvement Proposals (EIPs). EIP-7251 stands out by raising the storage limit from 32 ETH to 2048 ETH, aiming to streamline validator operations and enhance storage efficiency.
The upgrade also includes portfolio improvements focused on user experience, such as easier recovery and gasless transactions, which may drive broader adoption of decentralized applications. While this could increase demand for ETH in the long term, exchanges may temporarily halt ETH transfers during deployment, causing short-term volatility.
Although the upgrade promises significant improvements, it has already faced multiple delays due to extended testing on networks like Hoodi and Sepolia. A smooth rollout could boost confidence and price, but any technical issues could lead to negative market reactions.
ETH trend signal at 1.22: A beginning of an uptrend or just noise?
BBTrend for Ethereum is at 1.22, indicating a slight bullish bias. Over the past day, BBTrend reached 2.23, showing stronger momentum before pulling back slightly.
Although the current reading has cooled off, it remains positive, suggesting that the uptrend has not been halted yet. Traders are watching to see if BBTrend can rise again to confirm renewed strength or if the momentum continues to fade.
BBTrend (Band-Break Trend) is a volatility-based indicator designed to detect the strength and direction of price trends. Readings above 1.00 typically indicate an upward trend, while readings below -1.00 indicate a downward trend.
Values between -1.00 and 1.00 are neutral or directionless, indicating either sideways movement or weak conviction in any direction. The further BBTrend moves away from zero, the stronger the trend, making values like 2.23 notable for confirming the trend.
With the BBTrend indicator for ETH at 1.22, the indicator suggests a weak but positive trend—implying that Ethereum may be in the early stages of an uptrend.
However, it is not a strong breakout level, meaning the price could reverse if selling pressure increases or momentum fades.
A price push above 2.00 is likely to confirm ongoing bullish momentum, while a drop below 1.00 could signal a return to consolidation or even a shift to bearish conditions.
Ethereum whales.
Adding to the broader picture, the number of Ethereum whales—addresses holding between 1,000 and 10,000 ETH—currently stands at 5,463.
This figure has fluctuated in recent weeks, struggling to break a higher level decisively. Whale activity is a crucial on-chain signal, as these large holders often influence price movements through accumulation or distribution. A stable or increasing number of whales typically indicates confidence and long-term accumulation, which may support ETH's price in the coming weeks.
Conversely, a continued stagnation or decline in the number of whales could reflect hesitation among large investors, potentially limiting bullish momentum.
ETH is stuck in a range while traders await a breakout or breakdown
Ethereum's price has traded between $1,828 resistance and $1,749 support since April 21. The range has persisted for over two weeks, indicating market hesitation.
EMA lines remain bullish, with short-term averages staying above long-term averages. However, they have started to converge, and a death cross may form soon.
ETH price analysis.
If support breaks at $1,749, Ethereum could drop to $1,689. If the downtrend intensifies, targets like $1,538 and $1,385 become relevant.
