Ethereum has declined by 5.41% over the past week and 17.90% this month. Despite the dips.
According to analysts, Ethereum is capable of breaking past $3,000 as its institutional support is growing and its key on-chain metrics are showing positive signs. Despite its current bearish outlook, ETH can reclaim $3000 if it can overcome the major resistance levels and regain bullish momentum.
On February 5th, ETH recorded a daily net inflow of $11.11 million. Meanwhile, the first phase of Ethereum's Pectra Upgrade is scheduled to roll out this March, with $ETH enthusiasts anticipating that this enhancement will improve Ethereum’s performance.
Phase 2 of the Pectra Upgrade will be implemented either in late 2025 or early 2026. The Pectra Upgrade includes the introduction of Peer Data Availability and Verkle Trees, making gas fee payments more flexible, and adding enhancements to Ethereum's smart contracts.$ETH
