Ethereum News: Price Struggles to Hold $2K Amid Mixed Signals from Upcoming Upgrades and Market Volatility

Ethereum’s price action has been volatile recently, with the cryptocurrency struggling to maintain its upward momentum despite positive news surrounding upcoming network upgrades. Here’s a closer look at the latest developments and their impact on ETH’s price.

Ethereum Price Battles with $2K After Brief Rally

Ethereum price traded just above $2,000 on March 24, dropping over 2% from the $2,090 high reached earlier this week. The brief surge, fueled by bullish sentiment over the upcoming Hoodi testnet deployment and Pectra upgrade, proved unsustainable. ETH ended last week around $1,965, exposing the asset to renewed downside risks heading into the weekend. Trump’s speech momentarily sparked market momentum, sending ETH above $2,067 on March 21 for the first time since March 9. However, bulls failed to maintain the push, as prices dropped swiftly by over $100 within hours. CoinGlass liquidation data showed that $17.18 million in long positions were liquidated in the past 24 hours, compared to just $7.45 million in shorts.

Bitso Launches Stablecoin Backed by Mexican Peso for Latin America

Bitso, a top cryptocurrency exchange in Latin America, has launched its stablecoin operations through the new subsidiary, Juno. Juno will issue and manage MXNB, a stablecoin pegged to the Mexican peso with a one-to-one exchange ratio. The stablecoin operates on Ethereum’s Arbitrum network for efficient payments. The Juno Mint Platform offers APIs for businesses to manage MXNB transactions, aiming to enhance cross-border payments and financial transactions in the region.

Ethereum’s Pectra Upgrade Faces Delays, Final Test on Hoodi Testnet Before April Mainnet Launch

Ethereum’s Pectra upgrade has encountered delays due to multiple testnet failures on Holesky and Sepolia. To address these issues, a new testnet named Hoodi was created. The final test of Pectra is now being conducted on Hoodi, with the aim of launching the upgrade on the mainnet in April 2025. Despite these delays, Ethereum has reduced gas fees by 95% with the Dencun upgrade. The Pectra upgrade is expected to enhance the user experience.

Elizabeth Warren Criticizes Stablecoin Bill, Accuses Trump of Grift

U.S. Senator Elizabeth Warren (D-MA) criticized a stablecoin-focused bill in Congress, accusing President Donald Trump of using it for personal financial gain. Warren’s critique came after learning about Trump’s decentralized finance project, World Liberty Financial, launching its own stablecoin USD1 on Ethereum and Binance’s BNB Chain. Warren claimed on social media that Trump is leveraging the project as a “grift” to “enrich” himself, and called on Congress to fix the bill to prevent Trump and others like Elon Musk from taking control of people’s money.