James Richardson
Ethereum is showing signs of a potential long-term price rally, with analysts highlighting on-chain trends and the upcoming Pectra upgrade as key catalysts. The asset has been trading within a well-defined accumulation phase, a period often preceding a strong bullish breakout.
With Ethereum hovering near the $2,000 level, market experts anticipate a breakout that could drive prices significantly higher later this year.
Ethereumโs Price Consolidation Signals Accumulation
Since 2023, Ethereum has been moving in a sideways trading pattern, which analysts refer to as an โaccumulation zoneโ. During this phase, both retail and institutional investors gradually increase their holdings, creating the foundation for a potential price surge.
Technical analysis also indicates that Ethereum is approaching a critical trend line resistance. Breaking this barrier could trigger a major bull run. Crypto strategist Crypto Patel suggests that a macro breakout for Ethereum could happen post-April, aligning with historical market cycles and on-chain data trends.
Meanwhile, analyst Michaรซl van de Poppe emphasized the importance of Ethereum crossing $2,150, stating that it could accelerate the next price rally.
Pectra Upgrade Set for April 30, 2025
The Pectra upgrade, scheduled for April 30, 2025, marks a major milestone for Ethereumโs scalability and efficiency. This upgrade is expected to:
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Boost transaction speed and network throughput
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Enhance security and reduce congestion
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Introduce gas-free transactions and passkey integration
Ethereum core developer Terence confirmed that Pectra remains on schedule, with no anticipated delays unless major concerns arise in the upcoming developer meetings.
Notably, Pectra will also introduce a new gas fee model, allowing users to pay fees using tokens other than ETH. This feature is expected to improve Ethereumโs usability and attract more developers and users to the ecosystem.
Whale Accumulation Rises After Successful Testnet Deployment
Ethereumโs Hoodi testnet recently saw a successful deployment of the Pectra upgrade, sparking strong accumulation from large investors (whales). According to Lookonchain data, nearly 16,000 ETH (worth approximately $32 million) was withdrawn from major exchanges following the testnet launch.
Whale activity is often considered a bullish signal, as it suggests long-term confidence in Ethereumโs future price appreciation. Their moves tend to influence retail investors, further fueling market optimism.
Ethereum Faces Temporary Correction, but Bullish Sentiment Remains
Despite the growing optimism, Ethereum experienced a brief pullback to $2,000 at press time. Analysts note that short-term corrections are a natural part of market cycles and do not change the overall bullish outlook for Ethereum.
With the Pectra upgrade approaching, market sentiment remains strong, and experts continue to predict a $10,000 price target in the long run.
