Ethereum Price Forecast: Will it succeed in breaking the important support level of $2,500 or will it go through an imminent downward wave?

$ETH ETH

ETH

2,527.63

-2.83%

The wave of Ethereum (ETH) price increases of 40% peaked over the weekend, with the first signs of a decline in buying pressure raising concerns about an anticipated price correction. Last week, the price of Ethereum (ETH) recorded its strongest performance since December 2020, but the slowing momentum at the $2,500 level sparked a wave of questions about the sustainability of positive ETH price forecasts. This increase followed a trade agreement between the United States and China, and the launch of the Ethereum blockchain's network upgrade “Pectra,” which contributed to removing the factors that hindered the progress of the leading altcoin. This surge ended a relative stability period that lasted for a month within a range of $1,450-$1,900. After surpassing this range, Ethereum had strong fundamentals to be considered “the best cryptocurrency to buy.”