Ethereum’s price has been going up and down a lot, and many investors are worried. Right now, ETH’s market sentiment is at its lowest in a year, which means people are not feeling confident about its future. But sometimes, when many people feel negative about a cryptocurrency, it bounces back. Could Ethereum be preparing for a big comeback?
Ethereum Price Is at a Key Moment
For months, Ethereum has been in a downtrend, meaning its price has been falling. But now, it has reached an important support level and is starting to move back up.
ETH was trading at $2,201.5, which is −1.82% lower than the day before.
But If ETH starts going up, the next big price hurdles are $2,540 and $2,847. If it can break through these levels, it could start a stronger rally and might even reach $3,476. But if the price falls below $2,200 or $2,100, it might keep dropping down to $2,000.
Are Big Investors Buying Ethereum Again?
Data shows that large ETH transactions have increased by 4.75%, meaning big investors (whales) are getting involved. In the past, when these investors started buying, ETH’s price often went up.
When whales buy Ethereum at important support levels, it reduces the amount of ETH available for other buyers. This can make ETH more valuable and push the price higher. If this trend continues, Ethereum could gain momentum and break through its resistance levels.
Ethereum Network Activity Is Growing
Even though ETH’s price has been struggling, more people are using the network. Over the last week, the number of new ETH addresses has gone up by 2.96%, and the number of active addresses has increased by 2.89%. This means that more users are interacting with ETH, even while the price is down.
When more people use ETH, it usually leads to higher demand, which can help its price recover. If this trend continues, it could be a good sign for ETH’s long-term growth.
Will the Pectra Upgrade Help Ethereum’s Price?
Ethereum’s Pectra upgrade has been successfully launched on the Sepolia testnet. This upgrade is very important because it will improve staking, scalability, and security. It could also attract bigger investors, especially those looking for staking-integrated ETFs.
However, there were some technical problems with the Holesky testnet upgrade, which caused delays. If these problems are fixed, Ethereum’s network could grow faster, bringing in more users and investors. A successful launch of Pectra on the main ETH network could increase confidence in ETH and push prices higher.
Conclusion
ETH’s market sentiment is very low, but some signs suggest that a turnaround might be coming. Whales are buying, more people are using ETH, and the upcoming Pectra upgrade could bring in more investors. If ETH holds its support levels and breaks past key resistance points, it could start a strong rally. However, if selling pressure increases, ETH could drop further before recovering. The next few weeks will be very important in deciding where Ethereum goes next.
