Ethereum (ETH) trades at $1,824.4 after a 1.13% increase, yet it faces support challenges at $1,750. Analysts warn of a potential drop to $1,500 if this level fails. The recent Pectra upgrade, while improving wallet usability and smart contracts, raises concerns about new vulnerabilities that could exploit user balances. Despite immediate risks, long-term outlook remains optimistic, with predictions of ETH reaching nearly $3,986 by year-end.
Ethereum (ETH) has seen a slight uptick in price, currently trading at $1,824.4 – registering a modest 1.13% increase in the last 24 hours. Interestingly, trading volume has surged to an astonishing $50.13 billion, marking a whopping 293% rise over the same period. Over the past week, ETH has also climbed by 1.47%, hinting at some short-term bullish sentiments in the market.
However, market analyst Daan Crypto Trades warns that ETH is precariously hovering near a critical support level at $1,750. While bulls have managed to maintain the price, there is concern that a second test of this level might not hold. The looming threat of a “Bart” pattern—characterised by a sudden price spike followed by quick consolidation and decline—could see ETH sliding back into the $1,500 range. This decline is further supported by current trading volume graphs indicating weakening buying momentum, alongside a consistent pattern of lower highs and lows.
Adding to the market tension is the release of Ethereum’s highly anticipated Pectra upgrade, which was rolled out today. This upgrade aims at enhancing wallet usability and flexibility within smart contracts but brings forth new security risks that have the community on edge. Foremost among the concerns is the introduction of EIP-3074, which allows a single user signature to let smart contracts operate on a user’s behalf. Warnings have been voiced that malicious contracts could exploit the new AUTH and AUTHCALL opcodes, potentially emptying user balances. One concerned user noted, “You only need to sign a message to be completely drained!”
Compounding these vulnerabilities, EIP-7702 permits temporary full access to an account, which raises alarms that a single errant transaction could transfer all ETH balances, tokens, and NFTs to a rogue, fraudulent contract. Such potential misuse has prompted widespread caution within the community.
Looking ahead, despite immediate risks, there remains a degree of long-term optimism for Ethereum’s future. Analysts predict that ETH could hit around $3,985.62 by year-end, with some speculating that it might even approach its all-time high of $4,891.70. Market participants are banking on increased adoption driven by utility improvements from the Pectra upgrade to overshadow current instability.
Still, as it stands, Ethereum finds itself at a technical crossroads. Both threats and opportunities are increasingly pronounced. Investors are advised to closely monitor the $1,750 support level; a drop below it may signal a sharp correction, while a robust surge could reignite bullish momentum once more.
