The price of Ethereum remains uncertain, struggling to maintain crucial support levels despite the anticipated Pectra update. With delays in the next major Ethereum update and pessimistic market signals, many participants are exploring new opportunities in the crypto space.
Ethereum Faces Uncertainty Amid Price Stagnation
The price of Ethereum has been fluctuating around the support level of 2,125 $USDC USDT, facing selling pressure after failing to break through higher resistance levels. Analysts suggest that if ETH closes below this level, the price may drop towards 1,905 USDT or lower in the coming weeks. According to crypto analyst Ali Chart, if the price of Ethereum surpasses the resistance of 2,460 USDC, the bullish momentum would resume.
Despite attempts to recover, Ethereum has shown bearish signs on technical charts. The RSI (Relative Strength Index) is at 35, indicating weak buying momentum. The MACD (Moving Average Convergence Divergence) also suggests downward movement, reinforcing concerns about possible further corrections. However, if Ethereum can maintain its current level and see renewed demand, it could recover towards 3,000 USDT.
Simultaneously contributing to the negative trend, the Pectra update of the Ethereum network has been delayed after multiple issues arose during testing. Developers found incorrect configurations while testing on the Holesky and Sepolia networks, raising concerns about network stability.
A researcher from the Ethereum Foundation confirmed that additional testing is necessary before a final release date can be set. As part of the next steps, a shadow fork of Holesky will be introduced to ensure that the update is fully tested before going live. The development team expects Holesky to resume normal operations by March 28, with additional updates to follow.
The Way Forward for ETH
The next move of Ethereum will depend on its ability to maintain crucial support levels and the successful implementation of the Pectra update. If ETH fails to maintain momentum, it may see further downward movement. However, if buying pressure increases, it could push towards higher resistance zones.