The post Ethereum’s Technical Analysis Points to Extended Consolidation Period appeared on BitcoinEthereumNews.com.

TLDR Ethereum’s Pectra upgrade is scheduled for early April 2025, with testnets planned for February 24 and March 5, bringing eleven new features including blob expansion and smart wallet capabilities Options traders are positioning bullishly for the upgrade, with markets pricing a 14% chance of ETH hitting $4,000 by April’s end and 25% by June Recent data shows substantial ETH accumulation with 367,000 ETH moved off exchanges on February 5, indicating strong investor confidence ETH currently trades at $2,631, struggling to maintain the $2,700-$2,800 level after a brief surge to $2,850 Analysts suggest ETH may need 2-3 months of sideways movement and re-accumulation before attempting new highs, with $2,425 serving as a critical support level The Ethereum network is preparing for its next major upgrade, Pectra, scheduled for early April 2025. The upgrade’s implementation depends on successful testnet launches planned for February 24 and March 5, marking another step in Ethereum’s technical evolution. The Pectra upgrade package includes eleven key features, with blob expansion and smart wallet capabilities among the main improvements. These technical enhancements aim to improve the network’s scalability and user experience, building upon previous successful upgrades. Recent data from crypto trading desk QCP Capital reveals that options traders have begun positioning themselves for the upcoming upgrade. Trading patterns show a preference for calls (bullish bets) targeting the $3,200 and $3,000 price levels, indicating short-term optimism among market participants. 3/ Now, traders are positioning for another volatility event, with vols skewed in favor of calls from March 28 onward. This could set the stage for the next major positioning theme. — QCP (@QCPgroup) February 18, 2025 The options market currently prices a 14% probability of ETH reaching $4,000 by the end of April 2025, following the Pectra upgrade. This probability increases to 25% for June, suggesting traders see…

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Filed under: News - @ February 19, 2025 10:21 am