The Ethereum price (ETH) has jumped 12.5% in the past 24 hours, now trading above $2,000 following the successful deployment of the Pectra upgrade.
On May 7, the Ethereum team announced that Pectra was already live on the project’s mainnet after months of waiting.
The implementation was completed at 10:05 A.M. UTC and the network will be monitored in the next 24 hours to ensure that it continues to function properly following the update.
Ethereum supporters have been eagerly expecting Pectra as competition in the smart contracts space continues to heat up.
One of the most attractive aspects of Pectra is that it makes Ethereum (ETH) a deflationary coin. This improves the baseline Ethereum price prediction as a portion of transaction fees will now be used to burn ETH tokens to reduce the circulating supply.
Ethereum Price Prediction: Hourly Chart Shows Huge Spike After Pectra
ETH rose rapidly right after Pectra was successfully deployed. The hourly price chart shows a strong bullish breakout above the $1,850 resistance with 2X trading volumes.
This favors a bullish short-term outlook for the token. The price has already reached overbought levels in the Relative Strength Index (RSI) but that does not necessarily mean that the uptrend will reverse. It actually points to rapidly growing positive momentum.
The 21-hour EMA has crossed above the 200-day EMA with strong volumes as well and has managed to stay above the latter since the breakout occurred.
At this point, late buyers should look for attractive entries rather than trying to defy the trend as ETH investors could be quite enthusiastic throughout the session and that should keep the token’s demand at a high level.
How high the Ethereum price can go from here would depend on multiple factors.
For now, the most critical area of resistance to watch would be the $2,000 level as this is a psychological level. If the price rises above this marker, it would confirm a bullish outlook for ETH that could result in a push toward the $3,000 area next.
Reaching $10,000 may take some time but Pectra does set in motion some necessary changes that will help the Ethereum network maintain its lead in the smart contracts space.
Likewise, Bitcoin’s outlook has strengthened in recent days as it surpasses the $100,000 mark yet again – a move that could lift related presales positioned to benefit from BTC’s momentum.
BTC Bull Token (BTCBULL) Gives Investors the Chance to Earn Passive Income as Bitcoin Keeps Rising
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Investors are quickly rallying behind BTCBULL, with the project raising an impressive $5.4 million in a short span – a clear sign of surging interest in its unique value proposition.
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At $125K, a portion of BTCBULL’s supply will be burned to create scarcity and drive up demand.
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As BTC rises to $100,000, the odds that the first milestone will soon be hit have increased.
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