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Derivatives data shows traders are bullish on ETH Ethereum Pectra upgrade, which may lead to a price rebound
According to The Block, Derive founder Nick Forster analyzed that Derivatives data shows that ETH is about to rise in price, while Solana is facing downward pressure. The data shows that the 7-day implied Volatility of ETH has reached 66%, which is on par with the 6-month implied Volatility and higher than BTC. The market's expectation of ETH breaking through $3000 by the end of the quarter has risen from 28% last week to 30%.
Ether will undergo the Pectra (also known as Prague/Electra) upgrade on April 8th, which is expected to optimize network performance, transaction speed, and staking mechanism. The Ethereum Foundation recently invested $120 million in DeFi projects, demonstrating its emphasis on institutional adoption. In contrast, Solana will unlock tokens worth $2 billion in the next two weeks, accounting for about 2% of its fully diluted valuation, which may exert pressure on the price.