Ethereum's post-Pectra upgrade breakout shows strong bullish momentum, consolidating above key resistance levels, setting the stage for further upside.
Institutional confidence grows as Abraxas Capital adds $84.7 million in ETH, increasing their total holdings to $477.6 million.
Ethereum's price remains near $2,600, with an unfilled CME gap around $3,000–$3,200, creating a likely magnet for future price action.
Ethereum has shown renewed strength after the Pectra upgrade, as the price rallies above critical levels with increasing momentum.
Bullish Momentum Builds After Pectra Upgrade
Ethereum (ETH) has entered a bullish phase following its recent Pectra upgrade. Market observers note that the digital asset has broken through key horizontal resistance levels on the daily chart. According to Alphacryptosign, Ethereum is now consolidating above previous resistance at the $2,600–$2,700 range, turning it into support.
Such behavior is usually a healthy indicator of prolonged bullish strength. The 9-day EMA is currently acting as a support level of sorts, with the 50-day SMA far below it, indicative of the magnitude of the recent run. In the views of analysts, this setup is a sign of a transition into a sequence of higher highs and higher lows, a classic trend reversal signal.
Trading volume has also increased, and the breakout is supported by strong bullish candles. This further supports the idea that Ethereum could be preparing for another upward leg if current levels hold.
Price Structure and Technical Outlook
The current price of Ethereum is $2,603.30, with a 24-hour trading volume of $36.27 billion. It reflects a 2.09% daily increase and a 42.13% gain over the past week. The chart structure points toward continued upward movement as long as consolidation remains stable above the $2,600–$2,700 zone.
Moreover, the unfilled CME gap in the $3,000–$3,200 area continues to attract attention. Market participants believe this price range may act as a magnet, with Ethereum potentially aiming to close this gap in the near term. The continuation of the bullish trend appears likely if the price remains supported by buyers and strong technical structure.
Institutional Accumulation Suggests Confidence
On-chain activity also supports the ongoing bullish sentiment. Henry highlighted that Abraxas Capital recently added $84.7 million worth of ETH to its portfolio. This brings their total holdings to $477.6 million. Large-scale accumulation of this kind often signals increased confidence from institutional players.
Such movements tend to follow the general market as they signal further positive action. Timing the purchase with Ethereum’s breakout ratifies anticipation of more upside in the near to mid-term.
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