Ethereum Price Forecast: Pectra Update Sparks Buying Frenzy
Ethereum ($ETH) surged past $1,900 on Friday as bullish sentiment grew in anticipation of the upcoming Pectra update. Investors are flocking to ETH, with expectations that this key upgrade could propel prices even higher.
Exchange Supply at Historic Low
Blockchain analytics firm Santiment reported that Ethereum’s exchange supply has dropped to 8.71 million ETH — the lowest in 10 years.
“There is 16.4% less ETH on exchanges compared to just seven weeks ago,” Santiment stated.
This decline suggests investors are moving ETH to private wallets, signaling strong long-term holding sentiment.
Accumulation and Futures Confidence Soar
Ethereum accumulation addresses have increased by 4.77 million ETH since January — a 32% jump. Notably, 45% of this growth occurred in March, with 2.11 million ETH added after prices fell below the $2,000 mark.
In the futures market, confidence is growing. Open interest surged from 9.40 million ETH to 10.10 million ETH in just three days, indicating heightened bullish expectations.
Pectra Testnet Progress
Despite early hiccups on the Holesky and Sepolia testnets, developers swiftly addressed the issues. By Wednesday, the Pectra update went live on Hoodi, a fresh testnet designed for rigorous evaluation. If testing goes smoothly, a mainnet launch is expected within 30 days.
Key Levels to Watch
Ethereum is currently testing a significant descending trendline.
• A successful breakout could propel ETH to the next resistance at $2,070.
• On the downside, if sellers regain control, ETH could revisit support levels at $1,800 or even dip toward $1,500.
With the Pectra update on the horizon, all eyes remain on Ethereum’s next move.
