Ethereum is entering a significant turning point with the Pectra Upgrade scheduled for May 7. This upgrade aims to increase staking limits and enhance wallet functionality, which could significantly change the network dynamics. However, these innovations may lead to fluctuations in the short term.

BBTrend is at the level of 1.22 and shows a slight upward momentum. However, this momentum is not yet strong enough to confirm an exit from ETH's current trading range. Currently, the ETH price is stuck between $1,828 and $1,749, and investors are experiencing uncertainty regarding direction. After the upgrade, a sudden price breakout or drop may occur.

Ethereum Pectra Upgrade: What to Expect on May 7?

The highly anticipated Pectra Upgrade of Ethereum will take place on May 7, introducing 11 new Ethereum Improvement Proposals (EIPs). Among these improvements, EIP-7251 aims to raise the staking limit from 32 ETH to 2,048 ETH, facilitating validator operations and increasing staking efficiency.

The upgrade will also include wallet updates that enhance the user experience. These updates, with innovations like easier recovery and gasless transactions, may encourage broader dApp adoption. In the long term, these changes could increase the demand for Ethereum. However, since cryptocurrency exchanges may temporarily halt ETH transfers during the upgrade, short-term volatility may increase.

The Pectra Upgrade has been postponed multiple times due to extensive testing on networks like Hoodi and Sepolia. If the upgrade is deployed smoothly, the price of Ethereum may find support from this development. However, in case of a technical issue, the market response could be negative.

BBTrend 1.22: Early Rise or Temporary Noise?

Ethereum's BBTrend value is at 1.22, indicating a slight upward momentum. However, there is no strong breakout signal at this level. BBTrend is an indicator used to determine the strength and direction of price trends. Values above 1.00 generally indicate an upward trend, while values below -1.00 indicate downward trends. The current value of 1.22 suggests it could be the beginning of a positive trend, but the momentum is not yet very strong.

In recent weeks, BBTrend has risen to a level of 2.23, showing stronger momentum, but is currently in a pullback. This characterizes the indicator as weak but positive. If there is a movement above 2.00, this would confirm that the rise could be sustainable. However, a drop below the level of 1.00 could signal a pause or downtrend.

Whale activities are also an important indicator. Currently, addresses holding between 1,000 and 10,000 ETH are around 5,463. An increase in this number may support Ethereum's future price. However, a decrease in the number of whales may indicate instability and hesitation in the market.

Ethereum Price: Stagnation or a Major Move?

The price of Ethereum has been trading between the resistance of $1,828 and the support of $1,749 since April 21. This narrow range indicates that the market is indecisive and waiting for a movement. The EMA lines show that short-term averages are still above long-term averages, but these two lines are getting closer, which may herald a potential death cross.

If the support of $1,749 is broken, the ETH price could decline to $1,689. Further declines could lead to lower targets like $1,538 and $1,385.

In a positive scenario, if ETH exceeds $1,873, it may rise to $1,954 and could reach as high as $2,104. This creates the possibility of reclaiming the $2,000 level for the first time since March 27.


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