Ether regains the $2,000 support but remains below $2,500. An overview of major factors influencing the ETH market.
Ethereum Price Status
As of March 24, Ether reclaimed its $2,000 support but remains 18% below the $2,500 level seen three weeks ago. Ethereum has underperformed the altcoin market by 14% in the past 30 days.
Ethereum Pectra Network Upgrade
The upcoming Pectra upgrade, expected in late April or early June, aims to reduce transaction fees and improve network scalability with several new features, including increased block data and the introduction of smart accounts.
TVL Growth and Reduced ETH Supply
Ethereum shows network growth with $52.5 billion in total value locked. The reduced ETH supply on exchanges signals long-term investor commitment, while network solutions continue to attract capital into the DeFi space.
Although Ether recently dipped below $1,900, the network's resilience lays the groundwork for a potential rally. Upcoming upgrades and reduced supply may drive the price back to $2,500.
