Ethereum's price has risen over 4% on February 6, trading above $2,800, driven by three key factors: the upcoming Pectra upgrade, significant inflows into Ethereum ETFs, and bullish market sentiment. The Pectra upgrade, slated for March 2025, aims to enhance Ethereum's scalability, speed, and reduce transaction costs by doubling the blob space in blocks, thus potentially attracting more developers and increasing ETH demand. Inflows into US-based spot Ethereum ETFs have been impressive, totaling $421.5 million in the last five days alone, with cumulative year-to-date inflows reaching $1.1 billion. ETH bulls are focused on reclaiming the $3,000 level as support, with historical performance suggesting potential gains of 20-35% following such a breakthrough. However, current market indicators show a slight downside bias, with attention needed on support levels above $2,700 for a potential rebound.

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