Ethereum is back in the spotlight as it gears up for one of its biggest upgrades yet—Pectra. Set to go live within days, the Ethereum Pectra upgrade is creating a lot of buzz among traders, especially large investors known as whales. Many see this as a key moment for Ethereum’s future. In fact, whales are buying ETH in large amounts, betting that the upcoming changes will drive the price higher. But is this confidence enough to lift the ETH price beyond $2,200?

Here’s what you need to know about the rising optimism, technical trends, and what the upgrade might mean for Ethereum.

Whales Accumulate as Pectra Nears

Ethereum’s price has been stuck between $1,800 and $1,850 for over two weeks. While that might seem like a dull market to some, behind the scenes, something big is happening. On-chain data shows a sharp increase in accumulation activity since March. In fact, addresses holding ETH have jumped by 22.5%.

At the same time, ETH withdrawals from exchanges have outpaced deposits. This means more people are choosing to hold their ETH rather than sell it—often a strong sign of confidence. More interestingly, whale wallets (addresses holding large amounts of ETH) are waking up. One dormant whale, inactive for four years, recently moved over 1,200 ETH. The total whale accumulation is also at a new high.

This buying spree is not random. It’s happening right before Ethereum’s Pectra upgrade—a major update designed to improve transaction speed, scalability, and how validators operate.

Why Pectra Matters So Much

Ethereum has been on a path of steady improvements. Last year, it completed the long-awaited transition from Proof-of-Work to Proof-of-Stake, reducing energy use by over 99%. Now, the Pectra upgrade aims to take the network a step further.

One of the main goals of the upgrade is to speed up transactions and make Ethereum easier to use for developers and users. That means lower costs, faster activity, and better performance overall. These improvements could increase Ethereum’s appeal and trigger more activity on the network—similar to what we’ve seen in past upgrades like London or Shanghai.

The timing is key. With the crypto market showing signs of life again and regulatory clarity improving in some regions, an Ethereum upgrade could be the spark ETH needs to escape its current price range.

ETH/BTC Pair Signals Strong Reversal

Another reason for optimism is Ethereum’s performance against Bitcoin. The ETH/BTC trading pair has dropped to its lowest level since early 2020. Historically, this level has acted as strong support. The Relative Strength Index (RSI), which measures momentum, is also deeply oversold—suggesting a possible bounce.

If ETH can gain strength against Bitcoin, it might not only lift its own price but also help other altcoins break out. This is often the case in crypto cycles—when Ethereum moves, others follow.

Technical Signs Point to Potential Breakout

From a technical point of view, Ethereum recently broke out of a descending triangle in April and moved into an ascending one. That’s a good sign, showing rising support levels. However, after touching $1,842, ETH pulled back and is now hovering around $1,800. Still, the short-term support at $1,785 held firm, which is a positive sign.

Looking at the weekly chart, ETH may continue to trade between $1,500 and $2,500 for a while. That’s because the weekly Gaussian channel—a tool used by traders to track trends—has just turned bearish. Historically, when this happens, the price tends to stay in a range for some time before breaking out.

But there’s another clue: the weekly RSI has reached the same level it did during the 2022 bear market lows. That could mean a strong rebound is on the horizon.

Can ETH Price Break $2,200?

With whale activity surging, exchange flows showing accumulation, and a big upgrade around the corner, the mood around Ethereum is turning bullish. Many traders are asking the same question: can ETH push past $2,200 this week?

While it’s impossible to say for sure, the signs are lining up. The Pectra upgrade could provide the push needed to break through resistance and start a new bullish trend. If the upgrade rolls out smoothly and sparks renewed interest in the network, Ethereum might not only reclaim $2,200 but aim even higher.

Of course, caution is still needed. The broader crypto market is influenced by many factors, including global regulations, Bitcoin’s performance, and macroeconomic trends. But for now, Ethereum looks ready to make a move—and whales clearly agree.