Whales Go Wild! Ethereum’s Pectra Upgrade Could Send ETH Price Soaring—$2200 Here We Come?

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Ah, the sweet smell of *another* Ethereum upgrade! Pectra is scheduled to come online in just a few days. Rumor has it, this one’s a biggie, like *really* big. The upgrade is supposed to make transactions faster (because who has time for delays these days?), enhance scalability (more transactions, fewer headaches), and make life easier for those noble validators. And let’s not forget, with all this fancy tech, we might just see ETH escape the clutches of the bearish market. Maybe. 🤞

For the past fortnight, Ethereum’s price has been stuck in neutral, like a car with a bad clutch. Yet, despite the *yawn-worthy* price stagnation, the holders aren’t backing down. Oh no. The number of accumulating addresses has increased by 22.5% since March, and exchanges are seeing withdrawals. That’s right, whales and retailers alike are quietly pulling their ETH out. And let’s not forget, the stock-to-flow ratio is at a yearly high, which means ETH is getting scarcer. Hold onto your hats, folks. 🐋💰

And speaking of whales, guess what? One of them, who’s been snoozing for four years, suddenly woke up, yawned, and withdrew over 1200 ETH. That’s some serious whale action. Total whale accumulation has reached new highs. Don’t ask me how that works, but hey, the big fish seem *really* interested in ETH right now. 🐋💸

It’s like watching a feeding frenzy. Whales are gobbling up ETH like it’s their last meal. And why? Well, they’re *bullish* on ETH. They believe the price is about to shoot up, or so it seems. Meanwhile, the ETH/BTC pair is sitting at a major support level, and the RSI is massively oversold. Translation: ETH is ready to pounce. If it does, expect some serious chaos in the altcoin market. 💥

Will the ETH Price Reclaim $2200 This Week?

In April, ETH broke out of a descending triangle like a fighter escaping a headlock. Now, it’s stuck around $1800 after a minor setback at $1842. The support at $1785 is holding strong for now, and things are looking a bit more promising for ETH’s upward journey. But let’s not get carried away just yet. 😬

The weekly chart suggests that ETH could enter a *long* consolidation phase between $1500 and $2500, now that the weekly Gaussian channel is turning bearish. But, as history shows, when the price stays stuck in a range, it eventually breaks out—so we could see a breakout once ETH surges above the average bands. And the weekly RSI? It’s hit the lowest threshold since 2022. If this rebounds, brace yourselves for higher highs. 📈

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2025-05-05 19:11