Ethereum Price Today: $2,670
- Pectra Upgrade Expected on Ethereum Mainnet by April – Developers scheduled testnet upgrades for Holesky (February 26) and Sepolia (March 5).
- Ethereum’s Market Dominance Hits Four-Year Low – ETH’s share of global crypto market cap declines amid competition from Bitcoin and Layer 2 networks.
- Key Resistance at $2,817 – A sustained breakout above this level could propel ETH toward the upper boundary of its descending channel.
Ethereum (ETH) dropped 3% on Thursday as developers finalized dates for the Pectra upgrade’s testnet deployments. Meanwhile, ETH’s ability to hold above $2,817 may determine whether it challenges a critical descending trendline.
Pectra Upgrade Targets April Mainnet Launch
During the 150th All Core Developers Consensus (ACDC) call, Ethereum developers confirmed the Pectra upgrade’s testnet rollout:
- Holesky Testnet: February 26
- Sepolia Testnet: March 5
Tim Beiko, Ethereum Foundation’s Protocol Support Lead, noted that if Sepolia succeeds, a mainnet launch date will be chosen during the March 6 ACDC call—likely early April.
"Assuming Sepolia goes smoothly, we’ll pick the mainnet slot on the March 6 ACD call."
— @TimBeiko
Pectra’s Key Features:
- Account Abstraction: Batch transactions, sponsored gas fees, and wallet recovery.
- Increased Stake Limits: Maximum validator balance rises from 32 ETH to 2,048 ETH.
- ZK-Proof Enhancements: Improved privacy and scalability.
👉 Explore Ethereum’s latest upgrades
Ethereum Faces Market Share Decline
Morgan Stanley analyst Nikolaos Panigirtzoglou highlighted ETH’s shrinking dominance in a recent report:
- Four-Year Low: Ethereum’s share of total crypto market cap has dwindled.
- Competitive Pressures: Lags behind Bitcoin’s store-of-value narrative and Solana’s Layer 2 efficiency.
Despite this, Ethereum ETFs recorded **$18.1M in net inflows** on Wednesday, marking five consecutive days of positive momentum (~$500M total).
Ethereum Price Prediction: Key Levels to Watch
Bullish Scenario:
- **Breakout Above $2,817**: Could trigger a 40% rally to $4,500, targeting resistance at $3,550, $3,770, and $4,100.
- RSI/Stochastic Momentum: Needs to surpass neutral levels to confirm bullish reversal.
Bearish Risks:
- Channel Breakdown: A drop below the descending channel’s lower boundary may push ETH toward $2,100 or $1,200.
24-Hour Futures Data:
| Metric | Value |
|-----------------|-------------|
| Total Liquidation | $46.5M |
| Longs Liquidated | $31.66M |
| Shorts Liquidated | $14.83M |
Ethereum FAQs
1. What is Ethereum?
Ethereum is a decentralized blockchain supporting smart contracts and dApps. Its native token, ETH, is the second-largest cryptocurrency by market cap.
2. How does Ethereum work?
Developers use Solidity and the Ethereum Virtual Machine (EVM) to build applications that execute agreements automatically via smart contracts.
3. What is staking in Ethereum?
Staking involves locking ETH to validate transactions under Proof-of-Stake (PoS), adopted post-"Merge" in September 2022.
4. Why are gas fees high?
Gas fees spike during network congestion, as validators prioritize transactions with higher fees.
👉 Learn more about Ethereum’s ecosystem
Disclaimer: This content is for informational purposes only and does not constitute financial advice.