Tomorrow's Ethereum Pectra Upgrade

In the short term, there may be a drop followed by a rise. If the upgrade goes smoothly, ETH has a chance to surge to around $1900; if there are issues, it could fall below $1700.

The main focus is still on the upgrade results.

The positive expectations before the upgrade have been digested, and recently ETH has been hovering in the range of $1750 to $1860, indicating that the market is waiting for the upgrade results.

Key bullish signals if the upgrade is successful:

More convenient staking: large holders can stake more ETH at once, attracting more people to lock in, reducing market selling pressure.

Lower transaction fees: in the future, transfers may even be exempt from gas fees. As more people use it, ETH demand will increase.

Bearish outlook if the upgrade fails:

There were issues before on the testnet, and if the mainnet upgrade gets stuck, exchanges may suspend transfers, triggering panic selling.

Support and resistance: support level at $1750, resistance level at $1900. If the upgrade is successful and breaks through, it may surpass the $1900 resistance; if it fails, it may fall below $1700.

Whales are on the sidelines:

The number of whale addresses is stable at 5463, indicating they are not selling, but also not increasing their positions, waiting for the results.

Institutional participation:

Institutions have recently bought $240 million in ETFs. If the upgrade is successful, they may increase their holdings and push prices higher.

On the day of the upgrade, exchanges may suspend deposits and withdrawals, and price fluctuations will be significant, making it easy for ordinary people to be liquidated.

If the upgrade is successful, ETH efficiency will improve, and there may be a chance to reach $4000 in the second half of the year.