TLDR
- Ethereum price is holding steady above $1,800 despite market volatility
- The Pectra upgrade is scheduled for May 7, bringing validator scaling, cheaper L2 fees, and smart contract wallets
- Coinbase will temporarily pause ETH deposits and withdrawals during the upgrade window
- Technical analysis shows support at $1,755 with resistance at $1,855
- Analysts suggest potential for price movement toward $2,000 if ETH breaks through current resistance
Ethereum (ETH) is maintaining its position above the $1,800 mark despite recent market turbulence. Currently trading at around $1,805, the second-largest cryptocurrency by market cap is showing resilience in the face of selling pressure.
The price has been moving sideways above the crucial $1,755 support zone, which has proven to be a high-demand area extending between $1,754 and $1,765.
This support level has provided multiple bouncebacks, helping to maintain the upward trend in Ethereum’s price.
The current sideways movement indicates a consolidation range with an upper ceiling near $1,855.
The 100 and 200 EMA (Exponential Moving Average) lines are approaching a positive crossover, which could signal further upward momentum.
However, the RSI (Relative Strength Index) indicator shows some loss of momentum as the consolidation range expands.
Technical Indicators Point to Key Price Levels
Based on Fibonacci levels, a bullish breakout above the upper ceiling at $1,855 could test the 78.60% Fibonacci level near $1,949.
If the upward trend continues, Ethereum could potentially reach the $2,100 mark, close to the previous swing high.
On the downside, if Ethereum fails to hold above $1,755, the next support level sits at $1,676.
The hourly chart shows a bearish trend line forming with resistance at $1,830.
Technical indicators show the MACD gaining momentum in the bearish zone, while the hourly RSI is below the 50 zone.
On-chain data from IntotheBlock reveals a strong resistance ahead, with a supply zone extending from $1,805 to $1,857. This zone holds 5.85 million ETH across 4.48 million addresses.
This resistance is larger than the nearest demand zone, which extends from $1,748 to $1,800 and holds 2.29 million ETH across 3.46 million addresses.
On-chain analyst DarkFost notes that the recent slowdown in Ethereum spot volume could be a positive signal for a potential bullish recovery.
The analyst highlights that witnessing a volume decline as the asset price decreases could help reduce volatility and may reflect a slowdown in selling pressure.
However, DarkFost warns that this doesn’t necessarily mean the bottom is in.
What the Pectra Upgrade Brings to Ethereum
The upcoming Pectra upgrade is expected to introduce several key refinements to the Ethereum mainnet.
According to Nansen AI, one of the most important changes is validator consolidation, which will increase the cap from 32 ETH to 2,048 ETH.
2/ Key Changes:
Validators can consolidate (32 ETH → 2,048 ETH cap)
Layer-2s get cheaper: blobs per block doubled (3 → 6)
Wallets get smarter: EIP-7702 brings temporary smart contract functionality
Faster staking, lower L2 fees, Web2-like wallet UX—all unlocked.
— Nansen 🧭 (@nansen_ai) April 29, 2025
Layer 2 solutions may become cheaper as the upgrade increases blobs per block by 100%, from 3 blobs to 6 blobs.
The upgrade will also introduce EIP-7702, which will bring temporary smart contract functionality to Ethereum wallets.
Overall, the key functionality improvements include faster staking, lower Layer 2 transaction fees, and smarter wallets.
These upgrades are expected to bring higher yields for stakers with easier operation.
Roll-ups like Optimism and ZK-Sync will benefit from cheaper data posting due to the increase in blobs per block.
Decentralized applications (dApps) on the Ethereum ecosystem will be able to process batch transactions as gas sponsorships become easier.
Despite these benefits, there are potential risks associated with the Pectra upgrade. Validator consolidation could increase the risk of centralization on the Ethereum mainnet.
The reliance of dApps on call data could potentially increase transaction costs in some scenarios.
The growth of smart wallets with the upgrade of EIP-7702 will depend on developer adoption.
In preparation for the upgrade, Coinbase has announced a temporary pause of Ethereum deposits and withdrawals. The pause will be in effect from 2:50 am to 3:45 am PT on May 7.
New staking requests during this period will be delayed until 3:45 am PT, though existing stake positions will not be affected.
The Pectra upgrade is scheduled to take place on May 7 at 3:05 am PT.
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