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The Ethereum price has slumped 1.5% in the last 24 hours to trade at $2140 as of 11 p.m. EST on a 43% plunge in trading volume to $18.5 billion.
Despite the short-term weakness, on-chain data indicates that the ETH price may be nearing a bottom.
The Market Value to Realized Value (MVRV) ratio has fallen below 1, historically a bullish signal, as it indicates ETH is undervalued and near most investors’ average purchase price, according to CryptoQuant.
This has led to increased institutional accumulation, with large-scale buyers scooping up ETH at discounted levels.
ETH MVRV. Source: CryptoQuant
Meanwhile, Ethereum developers resolved Pectra upgrade issues on Holesky and Sepolia testnets, with a shadow Holesky fork planned before the mainnet launch.
If successful, Pectra will enhance scalability with account abstraction, ERC-20 gas payments, transaction batching, and a staking limit increase to 2,048 ETH.
Ethereum’s Pectra Upgrade Delayed Due to Testnet Issues
The Pectra upgrade, set to launch on the Ethereum mainnet, has been postponed due to technical issues in the Holesky and Sepolia testnets.
Developers are actively working on fixes but have not yet announced a new… pic.twitter.com/qlUxgMIFnd
— Cryptonomy (@cryptonomy_fi) March 7, 2025
Ethereum Price Tests Major Support – Will A Bullish Reversal Follow?
The ETH/USDT pair is at a make-or-break level, trading at $2,140 after hitting an intraday high of $2,156 and a low of $2,105.
ETH has been caught in a prolonged downtrend, forming a bearish channel that has dominated price action for weeks.
However, ETH is now testing a major support zone around $2,100 – $2,150, an area that has historically acted as a strong consolidation base.
Despite recent losses, traders are eyeing a potential price reversal as Ethereum approaches this key level.
A breakout above $2,380, a short-term resistance, could signal a shift in momentum, paving the way for a recovery towards $2,500, $3,000, and even $3,200 in the coming weeks.
Conversely, a failure to hold the current support could lead to a sharp decline, with $2,000 and $1,800 as possible downside targets.
ETHUSDT Analysis Source: Tradingview
Ethereum Price Might Reclaim Lost Ground
Technical indicators provide mixed signals. The Relative Strength Index (RSI) sits at 35.70, nearing oversold territory, suggesting sellers may be losing steam. A move above 40 could reinforce the case for a bullish comeback.
However, ETH remains below key trendlines, indicating that buyers must step in decisively to confirm a trend reversal.
If Ethereum breaks out of the bearish channel, an influx of buying pressure could spark a relief rally. Traders are advised to watch for a daily close above $2,380 as a confirmation of strength.
On the downside, a drop below $2,100 would raise concerns of further weakness, potentially driving ETH toward new yearly lows. As Ethereum navigates this critical zone, all eyes are on whether the bulls can stage a comeback or if the bears will extend their grip.
Best Wallet Presale Closes On $11 Million – Next Big Crypto?
As Ethereum struggles to hold its ground at a major support level, investors are rushing to an opportunity called Best Wallet (BEST), which has surged past $10.8 million in funding in its presale.
Best Wallet is quickly becoming a favourite among crypto investors. Its support spans over 60 blockchains and is packed with useful features like a built-in DEX, a presale aggregator, and even a crypto debit card.
The Fastest Growing Wallet in Crypto!
In a crowded market, Best Wallet delivers the tools you need to gain an edge. 🚀
1️⃣ Exclusive alpha on new projects.
2️⃣ Buy and claim tokens in the app.
3️⃣ Manage all your assets across multiple chains in one place.This is why the Best… pic.twitter.com/AT4yos1CmG
— Best Wallet (@BestWalletHQ) December 30, 2024
One of its most exciting features is the “Upcoming Tokens” section, which helps users discover hidden presale gems before they explode.
Best Wallet has already spotted Pepe Unchained (PEPU) and Catslap (SLAP), two meme coins that shot up 500% and 3,000%, respectively, after launch.
Crypto analyst and YouTuber ClayBro, who has over 136K subscribers, believes BEST could soar 10X after launch.
For those looking to earn passive income, staking BEST offers a massive 145% annual return.
Right now, BEST is priced at $0.02425, and investors can buy it with crypto or a bank card. But time is running out, with its price set to increase in less than 11 hours.
Visit the official Best Wallet website.
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