Ethereum upgrade approaching! Whales are frantically accumulating, can ETH soar to the sky?

In the past two months, Ethereum (ETH) whales have quietly increased their holdings. On-chain data shows that the addresses of long-term holders have surged from 15.53 million ETH to 19.03 million ETH, an increase of 22%. Despite a temporary market price slump, these large holders remain steadfast in their buying, further reducing their holding costs and demonstrating strong confidence in the future market.

Price is poised for a breakout, technical signals are emerging

Recently, Ethereum has fluctuated narrowly between $1,783 and $1,831, with the Bollinger Bands gradually tightening, indicating that the market is building momentum. The key resistance level is at $1,941; if successfully breached, it will open up greater upward potential. Technical analysis indicates that ETH is at the end of an ascending triangle, poised for a potential breakout at any moment.

Market data also confirms this bullish expectation. Derivatives trading volume has increased by 26.51%, while the options market has surged by 75%, with traders beginning to prepare for a significant market move. The long-short ratio also shows that bullish sentiment is dominant, as whales continue to add to their positions, creating a strong bullish atmosphere in the market.

With the upgrade imminent, Pectra could ignite the market

On May 7th, Ethereum is set to welcome the Pectra upgrade, with core changes including an increase in the validator staking limit from 32 ETH to 2,048 ETH, and a significant enhancement in block throughput. This upgrade is seen as a major leap in network performance, and the market expects ETH to unlock new growth potential on this basis.

Analysts predict that the implementation of Pectra will serve as a catalyst for igniting ETH prices. Institutional investor interest has significantly increased, and the trend of capital inflow into the market is becoming more pronounced.

With whales accumulating, technicals tightening, and the upgrade approaching, will Ethereum experience a stunning rebound? A historic breakout may be just around the corner.