Ethereum Price Reaches 2-Month High

The token rose by over 30% in a day following the Pectra update. As a result, it reached a 2-month high and approached the resistance level of $2,513. Overcoming this barrier will be an important milestone for Ethereum. However, the question remains whether ETH can maintain this momentum.

The $2,500 mark is hindered by selling pressure from investors who are already in profit after the recent surge. New sellers may also join them if the price continues to rise. Thus, Ethereum may face challenges and could potentially drop below the support level of $2,344. In this case, ETH risks testing the $2,141 level, erasing some of its recent gains.

If the broader market maintains a bullish sentiment and ETH follows Bitcoin, it could break through the $2,513 level and turn it into support. This would open the way for further growth to $2,654 and negate the current bearish scenario.