Ethereum’s Rollercoaster: Whales Buy, Prices Dip, and Pectra’s Party Continues! 🎢🐋

Ah, Ethereum! The digital currency that seems to have more ups and downs than a hyperactive pogo stick. Currently, our dear friend ETH is lounging at a cozy $2,026, while the 24-hour volatility is a mere 0.6%. It’s like watching paint dry, but with a hint of excitement!

Now, let’s talk about the Pectra upgrade, which was deployed on the Hoodi testnet on March 26. This is the last of the three tests, and it’s like the final episode of a soap opera where everyone is on the edge of their seats, waiting for the mainnet upgrade to drop. 🎉

The Pectra upgrade promises to improve Ethereum’s scalability and security, which is a fancy way of saying it will help it handle more users without turning into a digital traffic jam. It’s also supposed to boost transaction throughput and reduce latency, which is great news for anyone who enjoys not waiting an eternity for their transactions to go through.

Running an upgrade on a testnet that mimics the mainnet is like practicing for a big performance. Developers can fix bugs before they unleash their creation on the unsuspecting public. If all goes well on Hoodi, we might see the upgrade on the mainnet by April 25. Fingers crossed! 🤞

One of the shiny new features of the Pectra upgrade is that it will allow developers to run smart contracts on wallets. Plus, users can pay gas fees in different tokens instead of just Ethereum (ETH). It’s like being able to pay for your coffee with a smile instead of just cash!

Now, here’s where it gets juicy: the successful Pectra upgrade on Hoodi has triggered a whale accumulation frenzy! 🐋 According to Lookonchain, four whale addresses withdrew nearly 16,000 ETH, worth about $32 million, from major exchanges like Binance, Gemini, OKX, and Kraken. Talk about a shopping spree!

Whale accumulation usually sends retail investors into a frenzy of optimism, but alas, Ethereum still faced a correction toward the $2,000 mark. It’s like watching a puppy chase its tail—adorable but ultimately going nowhere.

Ethereum’s Stuck

In a shocking twist, the ETH price recorded a 2.2% decline in the past 24 hours, despite all the bullish news. Currently, Ethereum is trading at $2,020. It’s like being at a party where everyone is having fun, but you’re stuck in the corner with a lukewarm soda.

Moreover, the selling pressure triggered $48 million in ETH liquidations—$39 million in longs and $9 million in shorts, according to CoinGlass. The total amount of crypto liquidations reached a staggering $248 million. It’s a liquidation party, and everyone’s invited!

The largest single liquidation order in the market happened on the HTX exchange, worth a whopping $3.15 million in the ETH-USDT trading pair. Meanwhile, spot ETH exchange-traded funds in the US added to the bearish momentum with a net outflow of $5.9 million on March 26. The last time these investment products saw an inflow was on March 4, and they’ve lost $410 million in value this month. Ouch!

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2025-03-27 18:48