Ethereum Price Forecast: Pectra update boosts purchasing pressure

Santiment reported a 10-year low in exchange Ethereum supply.

In March, Ethereum accumulation addresses gained 2.11 million ETH.
ETH may find support at $1,800 if a significant falling trendline breaks.

Friday, Ethereum (ETH) climbs beyond $1,900 as investors increased buying pressure in March. The leading altcoin may rebound if the Pectra update is a price catalyst.

Ethereum buyers boost purchasing despite poor pricing.
According to Santiment, exchange Ethereum supply fell to 8.71 million ETH on Friday, a 10-year low.

"There is 16.4% less ETH on exchanges compared to just 7 weeks ago," Santiment said on Thursday's X.

A coin's exchange supply decrease suggests investors are shifting tokens to private wallets for long-term ownership. Note that other on-chain analysis tools may use a different measure.

The ETH accumulation address balance has increased by 4.77 million ETH since January, a 32% growth rate, indicating comparable purchasing pressure. After ETH fell below $2,000 psychologically, March saw 45% of that growth (2.11M ETH).

ETH's futures market open interest rose from 9.40M to 10.10M in three days, indicating derivative traders' rising confidence in the top cryptocurrency.

If ETH finds a market trigger, present price levels might become important support and start a rise due to tremendous purchasing pressure.

Pectra caused validator difficulties on test networks Holesky and Sepolia, but developers overcame them.

Pectra launches on Hoodi, a new testnet, on Wednesday. After 30 days, developers will release Pectra on the mainnet if successful.

Friday, ETH tests descending trendline support. A rally off the trendline might revisit $2,070 barrier for ETH. A sustained drop above the trendline might support ETH at $1,800. Further fall below $1,800 might push ETH below $1,500.

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