Ethereum (ETH) has recently seen its most significant one-day surge since 2021, with a 31% increase in just 24 hours. This surge is attributed to the successful launch of the Pectra upgrade, which has pushed ETH closer to a critical resistance level of $2,500.

Despite the impressive rise, the challenge lies in whether Ethereum can sustainably surpass this level, as investor actions may impede further price gains.

The Pectra upgrade has had a noticeable impact on market sentiment towards Ethereum, with exchanges reporting net inflows of $15.6 billion post-launch. On a single day, May 8, $12 billion worth of ETH was sold, marking the highest daily sale in over five months.

This indicates that investors are eager to secure profits following the price surge, potentially hindering ETH's ability to continue its upward momentum. Profit-taking behaviors might constrain ETH's upward trend.

On a macro level, Ethereum's momentum signals both strength and potential obstacles. The IOMAP analysis highlights that 11.56 million ETH were purchased in the $2,493 to $2,915 range. Breaching the $2,500 mark is crucial for ETH to sustain its upward trajectory and solidify recent gains.

However, there is significant selling pressure in this range, with $27.8 billion worth of ETH held. This could limit Ethereum's potential for sustainable growth, with the risk of substantial sell-offs at higher price levels looming.

At present, Ethereum is trading at $2,366, up 31% over the last 24 hours post-Pectra upgrade. This surge has lifted ETH to a two-month high and closer to the $2,513 resistance level. Surpassing this barrier would be a significant milestone for Ethereum, but the key challenge is maintaining this upward movement amidst investor sell-offs.

The obstacle of crossing $2,500 is compounded by ongoing selling pressure from investors who have capitalized on recent gains and those who may sell if prices continue to rise. Consequently, Ethereum may face difficulty in staying on its upward path, risking a drop below the $2,344 support level. In such a scenario, ETH might test the $2,141 level, potentially erasing some recent gains.

However, if the broader market remains bullish and ETH mirrors Bitcoin's ascent beyond $103,000, Ethereum could break through $2,513 and establish it as a support base. This would pave the way for further upward movement towards $2,654, invalidating the current bearish outlook and signaling Ethereum's potential to resume its recovery towards new price peaks.