Ethereum’s price is gearing up for a long-term breakout
Ethereum’s price is gearing up for a long-term breakout, as indicated by on-chain data and the upcoming Pectra upgrade. Recent price consolidation has been interpreted as a sign of accumulation, which experts believe may herald a significant upward movement in the future.
Price Consolidation and Accumulation Process
Since the beginning of 2023, Ethereum’s price has been relatively stable, while gradual asset accumulation is observed in the market. Experts suggest that during this stability, traders are increasing their positions, making it likely that a sharp price rise will occur down the line.
Crypto Patel: I anticipate a macro-level breakout for Ethereum
$
2,009after April.
Pectra Upgrade
The planned Pectra upgrade is scheduled for April 30, 2025, and will include enhancements such as wallet improvements, increased transaction efficiency, and security upgrades. This development aims to alleviate network load and enable higher transaction capacity.
Terence (Ethereum Core Developer): I can confirm that the upgrade is progressing as planned and will be implemented unless the next meeting presents a different arrangement.
Major Investor Movements
Following the successful testing of the Pectra update, significant ETH transfers by large investors have been observed. These movements are seen as indicative of positive market sentiment, potentially generating further buying interest.
Michaël van de Poppe added that he eagerly anticipates a breakout above $2,150.
Additionally, the upgrade will introduce features allowing transaction fees to be paid with different tokens. While some market corrections are expected, the overall outlook remains positive, as these innovations are anticipated to improve Ethereum’s scalability and user experience.
Experts believe that, supported by technical data and cyclical structures, Ethereum could make significant gains after the current consolidation phase. This market activity will continue to be closely monitored by traders.
