Ethereum's technical indicators show potential for a breakout above the 50-day EMA resistance level.

Ethereum's Pectra upgrade, combining Prague and Electra phases, introduces 11 EIPs, including EIP-7702 for smarter wallets.

The update enhances scalability, developer tools, and prepares Ethereum for future innovations like Verkle Trees and EIP-4444.

With the Ethereum Pectra upgrade set to go live today, the ETH

ETH

$1 845

spot trading volumes have dried up a bit recently. Amid the broader crypto market recovery, ETH price has seen a bounce back, gaining 2.44% at press time, and moving to $1,838 levels.

CryptoQuant analyst Darkfost noted that the cooling off of the Ethereum spot volume could be a positive sign moving ahead. Amid Ethereum’s recent correction, a decline in volume under these conditions may help reduce market volatility, stated the analyst.

This shift could also ease the selling pressure that has been weighing on the market. However, it doesn’t necessarily signal a market bottom, so investors should maintain caution, stated the analyst.$ETH