In the last 24 hours, Ethereum's price increased by 25% thanks to the Pectra update, leading to renewed interest in the cryptocurrency.
Pectra Update and Its Consequences
The Pectra update significantly improved network scalability and lowered Layer-2 fees. Experts note that this is a long-awaited solution to earlier congestion issues in the network. The reduction in fees by 30–40% is seen as a necessary step for Ethereum's continued decentralization.
Technical Details and Forecasts
From a technical perspective, Ethereum is trading above its 100-hour Simple Moving Average (SMA), with support near $2,150. The next major resistance levels are $2,250, $2,320, and $2,450. If ETH breaks above $2,450, analysts expect a potential breakout above $2,500–$2,550.
Institutional Interest and Ethereum's Future
Data suggests sustained institutional interest in Ethereum, linked to network improvements and its long-term potential. Some Reddit users speculate that prices may reach $10,000 if the current trend and network fee reductions continue.
The sharp rise in Ethereum's price after the Pectra update signals a resurgence of interest in the cryptocurrency, which may impact its future both in the market and among institutional investors.
