Ethereum Pectra Upgrade Triggers 31% Price Jump, But Can it Cross $2,500? 📈
Ethereum (ETH) has surged by 31% within a day post the Pectra upgrade, capturing the attention of investors. Despite this rapid climb, the challenge lies in surpassing the $2,500 resistance level sustainably, as profitable selling behaviors could dampen ETH's potential further upward momentum.
The Pectra upgrade has revived market sentiment, resulting in $15.6 billion net inflows and major sale activities. On May 8, $12 billion of ETH was sold, emphasizing a substantial profit-taking intent from investors, which may ultimately restrict ETH's ongoing price ascent.
Analyzing Ethereum's macro momentum, especially the money flow around the price range between $2,493 and $2,915, suggests significant selling pressure. Approximately $27.8 billion worth ETH sits at this boundary, posing a risk to sustainable growth.
Current trades have elevated ETH's price to $2,366—marking a two-month high. Yet, challenges arise from sustained selling pressures due to locked-in gains and potential further sell-offs as the price nears key resistance.
If Ethereum can break and stabilize beyond $2,513 amid a bullish market climate, it may advance towards new highs. However, failure to navigate past the resistance could revert its gains.
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