Ethereum Price Prediction: Pectra Update Increases Buying Pressure

Santiment reported a 10-year low of Ethereum reserves on exchanges.
In March, Ethereum accumulation addresses received 2.11 million ETH.
ETH may find support at the $1,800 level if a significant downtrend line is broken.
On Friday, Ethereum (ETH) rose above $1,900 as investors increased buying pressure in March. The leading altcoin could recover if the Pectra upgrade becomes a price catalyst.
Ethereum buyers are increasing their purchases despite poor price formation.
According to data from Santiment, Ethereum's supply on exchanges fell to 8.71 million ETH on Friday, a 10-year low.
"There is 16.4% less ETH on exchanges compared to just 7 weeks ago," said Santiment on Thursday on X.
The reduction of coin supply on exchanges indicates that investors are moving tokens to private wallets for long-term holding. Note that other on-chain analysis tools may use different metrics.
The balance of the ETH accumulation address increased by 4.77 million ETH since January, representing a 32% growth rate, indicating comparable buying pressure. After ETH fell below $2,000 psychologically, 45% of this growth was recorded in March (2,11M ETH).
Open interest in the ETH futures market has risen from 9.40M to 10.10M over three days, indicating growing confidence among derivative traders in the leading cryptocurrency.
If ETH finds a market trigger, the current price levels may become important support and provoke growth through immense buying pressure.
Pectra encountered validation difficulties on the Holesky and Sepolia test networks, but the developers overcame them.
Pectra will launch on Hoodi, a new testnet, on Wednesday. In 30 days, the developers will release Pectra on the mainnet if everything goes successfully.
On Friday, ETH is testing the support of the downtrend line. A rise from the trend line may revisit the barrier at $2,070 for ETH. A sustained drop below the trend line may support ETH at $1,800. Further decline below $1,800 may push ETH below $1,500.
#ETFWatch ETH #FedWatch Ethereum $ETH