$ETH

Next, Ethereum has two potential positives, which are likely to be hot spots for speculation:

1. Ethereum Pectra upgrade time node was launched on the Holesky test network on February 24, landed on the Sepolia test network on March 5, and was officially activated on the Ethereum main network on April 8.

Pectra is a portmanteau of two separate upgrades, Prague and Electra, comprising eight major improvements to the second-largest blockchain. The most anticipated of these is EIP-7702, which aims to improve the user experience of crypto wallets. Another major feature of Pectra, EIP-7251, will allow validators to increase their staked amount — from 32 ETH to 2,048 ETH.

There is also the expansion of blobspace. In the current Ethereum network, each block contains 3 blobs, which are used to store transaction data and other important information. The Pectra upgrade doubles this number to 6 blobs, a change that will significantly improve data availability for Layer 2 solutions. By increasing the blobspace, layer-2 protocols can process and transmit data more efficiently.

2. Ethereum ETF staking, once passed, will also be a catalyst.

Judging from Ethereum’s relative strength index (RSI), it has fallen to a historical low and is close to the extreme oversold range. This generally means that after the recent sharp correction, the price of ETH may be in a position to rebound.

Coupled with Ethereum’s highly anticipated Pectra upgrade, scheduled to be launched in March 2025, this may become a positive factor boosting market sentiment. Although Ethereum's past upgrade events have often been accompanied by a "sell news" market, in the current oversold context, this upgrade may create an opportunity for ETH prices to rebound.