Ethereum (ETH) is maintaining its position above the $1,800 mark as anticipation builds around the upcoming Pectra upgrade. With major network improvements on the horizon, could ETH soon breach the $2,000 level?
ETH Price Consolidates Above Key Support
ETH is trading around $1,805, showing resilience despite market turbulence. The critical demand zone between $1,754 and $1,765 has held strong. Current price action reflects consolidation with resistance near $1,855.
Technical indicators like the EMA 100 and 200 are on the verge of a bullish crossover, typically signaling upward momentum. However, the RSI is currently neutral, hinting at a temporary loss of strength.
If ETH breaks through the $1,855 level, it could challenge the next resistance near $1,949 — paving the way toward the $2,000 milestone.
On-Chain Data Supports Price Upside
According to IntoTheBlock, the current supply zone between $1,805 and $1,857 contains over 5.85 million ETH. In contrast, the support zone from $1,748 to $1,800 holds only 2.29 million ETH.
This means that once ETH clears the current resistance, it could see less friction on its path to $2,000.
Analysts See Reduced Selling Pressure
On-chain analyst DarkFost highlighted a notable drop in ETH spot trading volume, signaling potential easing of selling pressure. While this may indicate a bullish reversal is coming, he warns that it doesn’t necessarily mean the bottom has been reached.
What’s Coming in the Pectra Upgrade?
Scheduled for May 7, the Pectra upgrade includes critical network improvements:
🔹 Increased validator cap from 32 ETH to 2,048 ETH
🔹 Lower costs for Layer 2 wallets with blob count increasing from 3 to 6 per block
🔹 EIP-7702 enables temporary smart contract functionality in user wallets
🔹 Improved staking for better returns and usability
Roll-ups like ZK-Sync and Optimism are expected to benefit from cheaper data posting. Meanwhile, dApps can now batch transactions more efficiently, thanks to simplified gas sponsorship.
Still, the update comes with risks — larger validator caps could increase centralization, and adoption of new smart wallet features will depend on developer engagement.
Coinbase Pauses ETH Operations During Upgrade
To ensure user fund safety during the Pectra rollout, Coinbase has announced a temporary suspension of ETH deposits and withdrawals on May 7 from 2:50 to 3:45 PT. New staking requests will also be paused during this window, though existing positions will remain unaffected.
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