Ethereum's price has experienced a 6% surge in the past 24 hours, reaching the $2,300 level. This comes despite weakening decentralized finance metrics, such as a decline in Ethereum's total value locked and decentralized exchange volumes. Ethereum network fees have also decreased, indicating a decline in demand. The upcoming Pectra upgrade is expected to enhance network functionality and fee efficiency, potentially acting as a short-term catalyst. However, it remains uncertain if these upgrades will be sufficient to halt the decline in DeFi activity, and technical issues or delays could hinder Ethereum's momentum. The price is currently trading below a critical resistance level, and a decisive break above it is needed to sustain gains. The low trading volume suggests hesitation among buyers, and the sentiment remains mixed ahead of the White House Crypto Summit, with some cautioning that lack of regulatory clarity could lead to further downturns.



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