Upgrade Ethereum's Spectra: Prelude to a New Wave of Cryptocurrency?

“Upgrading Ethereum’s Spectra: Kickstarting a new wave of cryptocurrencies? - Bitcoin News - Latest Coin News Update 24/7 2025” * Upgrading Ethereum’s Spectra will enhance overall performance, enabling faster transactions and greater flexibility in gas fees.

• According to on-chain metrics, exchanges have seen an outflow of 132 million USD worth of ETH.

Ethereum (, the world’s 2nd largest cryptocurrency by market capitalization, is heading for strong momentum. This trend follows the announcement of the recent Crypto Strategic Reserve and Ethereum’s upcoming Pectra upgrade.

Impact of Pectra upgrade on ETH price

According to a recent report, the upgrade of Ethereum’s Pectra is scheduled for March 5, 2025. The goal of this upgrade is to improve the network’s scalability, security, and usability. Additionally, it will enhance overall performance, enabling faster transactions and greater flexibility in gas fees.

These developments are creating benefits for ETH, leading to impressive price increases and increased participation from prominent traders and investors.

At the time of writing, ETH is trading near $2,370, having gained more than 9% over the past 24 hours. However, the asset reached an intraday high of $2,540 but experienced a price correction due to profit-taking and significant selling pressure taking place.

Price movements of Ethereum and important levels

According to technical analysis experts, Ethereum has corrected down 7.5% and is currently at a key support level near $2,300. Looking at the four-hour chart of the asset, ETH seems to be forming a head and shoulders pattern.

Based on recent price movements and historical momentum, if ETH holds steady above the $2,300 mark, there is a strong possibility of an 8.5% recovery to the $2,540 level, which is the neckline of the pattern.

If the price surpasses this neckline and closes a four-hour candle above the 2,570 USD level, ETH may rise another 10% to reach 2,800 USD in the near future.

! [Ethereum ETH price action])https://img.gateio.im/social/moments-eb3a02ddf6aaf5d7835036405139b69a “Ethereum’s Pectra Upgrade: The Start of a New Wave of Cryptocurrencies? - Bitcoin News - Latest Coin News Updates 24/7 2025”[ETH] Source: TradingView

Despite the significant price increase in the past 24 hours, the asset still cannot rise above the (EMA) 200 exponential moving average on the daily timeframe, indicating that ETH is still in a downtrend.

Long-term investor optimism

With the ongoing bull run and ETH’s upward momentum, long-term investors and investors have been spotted accumulating coins from exchanges, according to a report from on-chain analytics firm Coinglass.

The data shows that exchanges have seen outflows worth $132 million in ETH over the past 24 hours.

This significant outflow from exchanges indicates the potential for accumulation, which could lead to buying pressure and further price increase.

! ETH Spot Inflow/Outflow Source: Coinglass

Short-term Adjustment Review by Traders

On the other hand, intraday traders seem to be taking advantage of the ongoing price correction. They bet on the bearish trend, arguing that ETH could experience a further short-term decline.

At this time, traders are overly waiting at 2,300 USD below and 2,420 USD above, reflecting the current market sentiment.

According to Coinglass data, traders betting on the price increase are holding a long position worth 220 million USD at 2,300 USD. On the contrary, those on the short side have built a position worth 433 million USD.

! ETH Exchange Liquidation Map Source: Coinglass

Although traders predict short-term adjustments, on-chain data shows that long-term investors are accumulating ETH. If key resistance levels are broken, Ethereum could see a strong price increase up to $2,800.

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