Ethereum Holds the Line – Bulls Defend $3,500

Ethereum $ETH is standing its ground at $3,500, showing remarkable resilience in a volatile market. On Binance, ETH has maintained steady trading volumes, with a slight 3% gain over the last 24 hours.

The big driver? Anticipation for the upcoming “Pectra” upgrade, set to enhance network efficiency and reduce gas fees for layer-2 rollups. Developers claim this could make Ethereum the undisputed leader for both DeFi and institutional-grade blockchain applications.

From a technical perspective, $ETH

is forming a rising wedge pattern, often signaling potential consolidation before the next move. The key support sits at $3,420, with resistance at $3,580. A breakout above the latter could quickly push ETH toward $3,750.

On-chain data shows whales quietly accumulating ETH, with addresses holding over 10,000 coins reaching a three-month high. This suggests confidence in Ethereum’s long-term dominance, especially as more institutions integrate $ETH staking into their offerings.

💎 Bottom line: Ethereum’s stability in choppy waters is a bullish signal in itself. If the Pectra upgrade delivers as promised, ETH could be primed for a late-year rally toward $4,000 and beyond.

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