After spiking with bullish momentum on March 24, ETH price has again caught in a blunder as it falls down below the psychological $2,000 price mark for multiple times today. This mark is also playing out as a key support for ETH and it is attempting to hold onto the level amid notable volatility.
While falling from the yearly high of $4,008 – marked on December 8, 2024, ETH price has fallen nearly 50% in the past 3 months. It dipped as low as $1,754 earlier this month when Bitcoin took a sharp drop and fell below $80k on March 11.
The TradingView chart shows that since early-March lows, ETH has surged in an ascending triangle pattern and hit a monthly high of $2,103 earlier this week. Now analysts are expecting ETH to trade sideways near $2,000 ahead of the weekend before making any major move on Monday’s opening.
ETH currently has a major support at $1,950 if it fails to sustain above $2,000 price mark and breaking below this level would push it to revisit the $1,800 range before making any highs further.
At the time of writing, ETH price is trading near $2,012 – up merely 2% in the past 7 days while down over 17% in the last 30 days.
What’s Next for Ethereum (ETH)?
While ETH remains in a consolidation phase near the $2,000 support level, traders and investors are awaiting for a clearer direction ahead of the much anticipated Pectra upgrade. The Pectra upgrade (Prague + Electra) is the next major upgrade, which aims to further enhance scalability, efficiency, and validator staking for Ethereum.
This upgrade is expected to reduce network congestion and enhance staking rewards, which in turn could potentially increase demand for ETH in the long run.
Moreover, the implementation of Verkle Trees through the Pectra upgrade would also enhance its storage system that would drive more attention towards Ethereum and essentially price of ETH.
As the upgrade is set to go live in late April, market watchers are expecting huge volatility in ETH price. If the upgrade successfully improves network efficiency and staking incentives, ETH could witness renewed bullish momentum. However, any delays or unforeseen technical issues might lead to short-term price fluctuations in coming weeks.
Also Read: XRP Price Expected to Reach $4.48 in 2025: Bitwise
