Ethereum’s ETH/BTC Squeeze Could Kick Off Post-Pectra Price Rotation
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- ETH/BTC squeeze at tightest since 2020, signaling major price move
- Ethereum’s Pectra upgrade raises staking, blob data, and scalability
- Technical charts suggest ETH could outperform BTC after upgrade
The Ethereum-to-Bitcoin trading pair is exhibiting a significant ‘squeeze’ pattern, which is a major volatility warning sign. Technical charts show the pair’s Bollinger Bands squeezed to their tightest range since June 2020, suggesting a significant price move, either up or down, could be imminent.
Interestingly enough, this coincides with Ethereum’s upcoming Pectra upgrade, scheduled for May 7. It will improve Ethereum’s scalability and validator operations in several ways.
What is the Ethereum Pectra Upgrade?
Pectra includes increasing the maximum ETH a validator can stake from 32 ETH all the way up to 2,048 ETH and raising the number of blob data units per block from 3 to 6, allowing for a maximum of 9, enhancing data handling capacity.
Additionally, Pectra update will initiate the transition to the EVM Object Format (EOF), a new structure designed to make smart contracts more efficient.
The Pectra upgrade has the possibility to not just be a …
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