As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have seen my fair share of ups and downs, forks, and updates. The recent news about the potential split of the Pectra upgrade has me intrigued. While it’s too early to tell how this will directly impact the Ethereum price rally towards $4000, I am confident that the dedication of the developers to ensure a successful upgrade could indeed boost bullish momentum.
Ethereum price plunged 0.21% to $2411 during a less volatile weekend. The modest downtick can be attributed to market uncertainty as Ethereum developers consider splitting the highly anticipated Pectra upgrade. Will the split affect the ETH rally to $4000?
Will Ethereum Price Rally Stall as Pectra Upgrade Faces Division?
The team behind Ethereum’s development is contemplating dividing the significant Pectra update – slated for improving the network’s scalability, security, and performance – into separate components in order to achieve the 2025 target date.
As a researcher at Galaxy Digital, I’m expressing my perspective on the potential impact of the Pectra upgrade. If the developers choose to divide this upgrade into two separate hard forks, the scope and implications could undergo significant changes.
The plan includes dividing the 20 Ethereum Improvement Proposals (EIPs), with some additional updates still under review. Kim noted the first part could be released by February 2025 and is focused on significant changes to the network’s execution layer and consensus layer.
During the next stage, we’ll focus on integrating the Ethereum Virtual Machine (EVM) Object Format (EOF) and Peer Data Availability Solution (PeerDAS). This step aims to enhance Ethereum’s performance and capacity for handling more transactions.
The finalization of this plan is scheduled for our Core Developers meeting next Thursday. Although there might be some early fluctuations in Ethereum’s price, the two-phase update underscores the developers’ commitment to a seamless Pectra upgrade. This could potentially fuel a positive trend.
Developers are considering dividing the existing list of 20 EIPs in Pectra into two separate updates.
Beyond just the addition of the number 20, there’s a multitude of fresh coding modifications that programmers might opt to incorporate into Pectra 2. These modifications include:
— Christine Kim (@christine_dkim) September 13, 2024
Based on Santiment’s data analysis, the 30-day MVRV ratio being -1.75 suggests that short-term ETH holders are currently experiencing a loss. This unfavorable value frequently precedes a possible price increase because speculative traders tend to sell off at a loss when they can, while larger investors often buy more during these downturns.
ETH Price Heading For Key Resistance Breakout
The Ethereum price on its daily chart demonstrates a strong recovery from $2,150 to $2,440, representing an increase of 13.4%. This recent reversal, occurring within five weeks, underscores the significant demand pressure near the $2,000 psychological mark, causing ETH price to surge past a crucial downward resistance line.
As an analyst, over the weekend, I observe a potential opportunity for buyers to retest the previously broken resistance level. The momentum following this breakout could potentially drive a 17% surge towards challenging the next resistance at $2,800. If this barrier is successfully breached, my Ethereum price prediction targets would shift to $3,550 and further upwards to $4,100.
Despite a downward trend in the daily exponential moving averages (20, 50, 100, and 200) along with Metalpha’s $90M ETH sale, there has been an increase in overhead selling. If the resistance at $2,800 remains strong, the ETH price may continue to consolidate for a longer period and potentially retest the $2,000 support level from below.
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2024-09-15 14:54