Ethereum (ETH) is currently trading around $2,475 - $2,530 as of early Monday morning in Abbottabad. After a significant surge following the Pectra upgrade, the price action has shown some consolidation and minor fluctuations in the last 24 hours.
Technical analysis presents a mixed picture. Some indicators suggest a potential for continued upward movement, with analysts eyeing the $2,700 - $3,000 range as possible targets if bullish momentum resumes. However, other indicators point towards a neutral stance in the short term, with the possibility of some pullback after the recent strong gains.
On-chain data reveals interesting trends. While some large holders (whales) are reportedly accumulating ETH at high rates, there are also observations of increased liquidations, suggesting some volatility and risk in the market. Overall, the market sentiment remains cautiously optimistic, buoyed by the successful upgrade but also mindful of potential short-term corrections. Continued monitoring of trading volumes and key support levels around $2,450 will be crucial in determining the next significant price direction for Ethereum.