After a strong bullish surge on March 24, Ethereum’s (ETH) price has faced significant challenges, repeatedly falling below the psychological $2,000 price level throughout the day. Despite this, the $2,000 mark has proven to be a crucial support level, with ETH attempting to maintain this position amid notable price fluctuations.
ETH has seen a near 50% decline in the past three months since reaching its yearly high of $4,008 on December 8, 2024. The price dropped to as low as $1,754 earlier this month, triggered by Bitcoin’s sharp decline below $80k on March 11. However, Ethereum has since followed an ascending triangle pattern, with a recent monthly high of $2,103 earlier this week. Analysts now predict ETH will continue to trade sideways near $2,000 ahead of the weekend, with any significant price action likely to occur on Monday’s opening.
ETH Price Chart Analysis
The current major support level for ETH is at $1,950. If the price fails to hold above $2,000, it could slide further to the $1,800 range before attempting any upward movement again. As of the latest data, ETH is trading around $2,012, showing a modest 2% increase in the last seven days, but still down over 17% in the past 30 days.
What’s Next for Ethereum (ETH)?
ETH’s future direction remains uncertain as it consolidates near the $2,000 support. Traders and investors are closely watching for more clarity ahead of the highly anticipated Pectra upgrade (Prague + Electra), slated for late April. This major upgrade is expected to enhance Ethereum’s scalability, efficiency, and validator staking, which could help reduce network congestion and improve staking rewards. These changes may drive long-term demand for ETH.
The Pectra upgrade also includes the implementation of Verkle Trees, which will optimize Ethereum’s storage system, potentially drawing more attention to Ethereum and boosting ETH’s price.
While there is optimism surrounding the upgrade, market watchers expect significant volatility in ETH’s price in the coming weeks. If successful, the upgrade could reignite bullish momentum for Ethereum. However, any delays or technical issues could lead to short-term price fluctuations.
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