Ethereum News: Developers Push Forward with Pectra Upgrade Amid Price Volatility

Ethereum Price Forecast and Pectra Upgrade Update

Ethereum developers have agreed to move forward with the Pectra upgrade on the Sepolia testnet despite issues with the Holesky testnet upgrade. The Ethereum price is currently trading near $2,270 but faces challenges at the $2,200 support level. If buyers fail to defend this support, ETH could suffer a further breakdown to $1,500. Ethereum ETFs have also seen outflows after five days of negative flows.

Ethereum at Critical Juncture Near $2,350

Ethereum is at a critical point with its price hovering NEAR $2,350. If it falls below $2,345, over 2 million investors holding 58.88 million ETH could incur losses. The decline in new address creation suggests reduced network activity and potential demand weakness. The price recently bounced from $2,300 but remains below key moving averages, indicating a bearish trend in the short term.

THORChain Sees Spike in Activity as Bybit Hackers Attempt to Launder Funds

THORChain, a cross-chain swap protocol, witnessed a significant increase in activity as the party behind the largest cryptocurrency heist in history, the Bybit hack on February 21, 2025, attempted to launder stolen funds through the platform. The exchange lost about $1.46 million in ETH and other tokens, and according to the FBI and on-chain sleuths, the North Korean Lazarus Group was behind the hack. The hackers likely chose THORChain due to its decentralized nature, aiding in the laundering of stolen funds.

SEC Drops Lawsuit Against Consensys Amid Regulatory Changes

The SEC’s decision to end litigation against Consensys marks a shift from an enforcement-driven approach to one focused on regulatory clarity. This move is part of a wider trend toward a more supportive framework for blockchain and digital asset innovation. Industry stakeholders view this shift as a positive step to reduce regulatory uncertainty and foster growth. The change could set a precedent for resolving disputes in a manner that encourages development rather than stifling it. The United States Securities and Exchange Commission (SEC) has agreed to end its lawsuit against crypto company Consensys as the federal regulator halts its regulation-by-enforcement approach to digital assets.