Key Takeaways
- Ethereum Pectra goes live as the price of Ethereum sees a 20% price rally in a few days.
- A strong breakout and close for Ethereum price above $2,500 could see a renewed rally to $4,000.
- Ethereum’s price has the potential to become a pace setter for the coming bull market.
The cryptocurrency market is currently in a high mood following a successive bitcoin price break to the high of $100,000 after weeks of trading towards $74,000, leading to fears and market uncertainties. The price of Ethereum (ETH) also suffered a huge crash to a region of $1,380 before finding support to trade to the upside.
There are currently high expectations for the Ethereum (ETH) Pectra upgrade, which could mark a strong turning point as the Ethereum team aims to address the scalability issues that have plagued the Ethereum network for years now. The proposed upgrade could increase productivity and network activities.
The price of Ethereum (ETH) has seen a huge price rally of over 10% in the last 24 hours, suggesting investors and whales are sentimentally bullish following a strong price rally for Ethereum (ETH) price hitting $2,000 for the first time in three months. Following such a strong price gain, ETH’s indicators are beginning to turn bullish as the price could be gearing up for a rally to $3,000 or $4,000.
Ethereum Pectra Goes Live As Market Reacts Positively
Source – ETH Price Chart From Coinmarketcap
After long delays, the Ethereum Pectra upgrade is finally running. It aims to address scalability issues on the Ethereum network, bring improvements, and boost activities on its network for developers and users.
Ethereum Pectra has gained much hype in the last few months, similar to previous upgrades such as “The Merge,” as many traders and investors are anticipating better performance, which could bring much liquidity back to the Ethereum network.
Many projects have migrated to other layer-1 or layer-2 solutions because they offer better scalability and handle network demand better. This has impacted the Ethereum price for months now, with many experts suggesting that other projects that have gained popularity could overthrow Ethereum in the future.
This upgrade has seen the price of Ethereum rally from its region of $1,350 to a high of $2,000 heading into May. Crypto experts are beginning to generate many Ethereum price predictions for May, with speculation suggesting $3,000.
Ethereum’s price currently suggests a strong bullish price action, gaining a sentimental vote of over 80% from its community. Price could continue to squeeze short sellers to the upside towards a key support zone of $2,200. A breakout and close above this zone could see ETH’s price rally towards $3,000 to $4,000 in May.
