It's important to note that forks in blockchain networks require consensus among developers for significant code changes, which can impact how chains operate after upgrades.

In a noteworthy transaction, the US government transferred 884 ETH, valued at approximately $1.77 million, to an unknown wallet, which has garnered attention within the crypto community.

While the Pectra upgrade has been successfully launched on the Hoodi testnet, developers are vigilant for potential issues that could arise, similar to challenges faced during previous upgrades.

Conversely, if ETH declines below $1,800, it could indicate a bearish flag pattern, potentially pushing prices down toward $1,200.

Recent whale transactions have included a significant purchase of 51,209 ETH for $103 million, contributing to a nearly 1 million ETH decrease in exchange reserves since early March 2025.

Technical indicators suggest that ETH may be facing bearish momentum, with a potential recovery above the $2,069 resistance level needed to initiate a short-term rally.

Ethereum's price currently stands at $1,930 as whales ramp up buying pressure ahead of the Pectra mainnet upgrade scheduled for the end of April 2025.

The upcoming Pectra upgrade is anticipated to enhance the Ethereum network by improving wallet experiences and scalability, particularly through EIP-7702, which focuses on better smart wallet functionality.

If the upgrade is confirmed for April 30, it may trigger increased volatility in ETH's price as investors adjust their positions in response to the changes.

Despite the surge in whale buying activity, ETH's price has remained relatively muted, largely due to macroeconomic factors and ongoing outflows from Ethereum ETFs that have been observed since February 2025.