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Momentum indicators are also favoring further drops, as the Relative Strength Index (RSI) moved below the signal line, while the MACD’s histogram shows that negative momentum is accelerating.
Is Pectra Going to Solve Ethereum Issues?
One of the key improvements that Pectra introduces is an increase in the number of blobs per block that can be added. This is a technical upgrade that should supposedly help layer-two protocols like Arbitrum and Optimism offer faster transaction execution speeds and lower fees.
However, Ethereum’s scaling issues resulted in the network missing out on top trends like the adoption of meme coins, which propelled the Solana ecosystem to its current levels amid the latter’s more adequate infrastructure to handle the resulting transaction volumes.
Meanwhile, although the Ethereum decentralized finance (DeFi) ecosystem is still the largest in the crypto space in terms of total value locked (TVL) and stablecoin balance, Solana is attracting capital at a faster rate and could, in a few years, threaten Ethereum’s long-standing dominance in this segment.
ETH Rejects Move Above Key Resistance in Hourly Chart
The hourly chart shows that ETH bounced right after hitting the $2,000 mark, as a significant number of spot orders may have been set to buy once the token hit this threshold.
Positive momentum has picked up in the past few hours, but the $2,100 level seems to be acting as resistance and multiple attempts to push the price above this level have been rejected.
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