Bullish Momentum Predicts Ethereum Could Reach $4000 by Year's End

With a $30.65 billion trading volume, Ethereum (ETH) is trading at $3,125, up over 2% in 24 hours. Its $376 billion market valuation makes it the second-largest crypto asset.

Ethereum Price Forecast: Technical Analysis and Key Levels
Ethereum has failed to stay above $3,447 on the daily chart, stalling its recent surge. Price retraced to $3,000, the 38.2% Fibonacci level.


Technical analysis implies Ethereum may decline further, with support levels around $2,899 (50% Fibonacci) and $2,770 (61.8 Fibonacci).

After serving as triple-top resistance, $2,770 is now a key support zone.


Technical indicators:

The Relative Strength Index (RSI) is 62, showing optimistic sentiment but reaching overbought circumstances, which might limit upward progress.

The 50-Day Exponential Moving Average of $3,029 provides immediate support, indicating stability above this level.

The Pectra Upgrade: Ethereum Game-Changer?

The Pectra Upgrade, which will improve scalability, security, and usability, boosts Ethereum's positive outlook. Famous analyst AstroCryptoGuru predicts Ethereum hitting $4,000 after the upgrade's revolutionary effect.


Key Pectra Upgrade Features:

Scalability: Increased transaction capacity and gas charge reduction.

Security: Improved network protection.


Could Ethereum Reach $4,000?

Ethereum's near-term direction hinges on holding key support levels and breaking major resistance zones. ETH may recover strongly if it dips below $2,770, a significant support level.

Ethereum might test $3,447 and $3,633 if it breaks $3,188. A bullish rally over current levels would lead to $4,127 and the predicted $4,000 milestone.

Key Findings:

The 61.8% Fibonacci retracement supports $2,770, a key support level.

Ethereum must break $3,188 and $3,447 to reach $4,000.

Catalyst: The Pectra Upgrade should boost Ethereum acceptance and performance, boosting long-term price rise.

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