Ethereum is struggling to gain momentum ahead of key resistance at $2,817, with traders closely watching the upcoming launch of the Pectra upgrade on the testnet. The network upgrade, set for February 26 and March 5, is expected to bring technical improvements, but market sentiment remains cautious as ETH hovers below critical price levels.
Despite recent bullish attempts, ETH has faced selling pressure near its current resistance zone. Short-term liquidity levels indicate strong supply near $2,800, limiting upside movement. A decisive breakout above this region could signal further gains, but failure to hold support may lead to another retracement.
The Pectra testnet rollout is expected to introduce key changes to Ethereum’s infrastructure, improving network efficiency and transaction processing. While long-term adoption prospects remain strong, short-term price action is dictated by macroeconomic conditions and investor risk appetite.
Source – FXStreet
Broader market trends also play a role in Ethereum’s price action, with Bitcoin’s movements influencing sentiment across the crypto sector. Any volatility in BTC could impact ETH’s ability to sustain gains, particularly as regulatory and liquidity concerns weigh on digital assets.
Traders remain cautious ahead of Ethereum’s next technical milestones, with price consolidation likely before a major directional move. Increased activity leading up to the Pectra testnet launch could create speculative momentum, but resistance at $2,817 remains a key barrier.
For now, ETH’s trajectory depends on whether it can break above resistance levels or face another pullback. The testnet launch could provide a catalyst for price movement, but broader market conditions will ultimately dictate Ethereum’s near-term performance.
