With the recent Pectra update, Ethereum has significantly improved its scalability and efficiency, increasing transaction capacity and reducing costs. These improvements reinforce its position as critical infrastructure for the development of decentralized applications and digital financial services.
Technical Analysis – 4-Hour Chart:
On the 4-hour chart, Ethereum (ETH) is consolidating around $2,600, after breaking a downward trend line near $2,500. The price action indicates a continuation pattern of bullishness, with ETH testing the upper Bollinger band at $2,576 and maintaining above the 20-period (at $2,556) and 50-period (at $2,421) exponential moving averages, suggesting buyer control in the short term.
The Relative Strength Index (RSI) shows a slight decline in bullish momentum but with no immediate signs of bearish divergence. If the $ETH can break and hold above the $2,600 zone, it may gain strength to advance towards the key resistance of $3,000, as the $BTC remains above $103,000 and with significant valuations during the next week.
Furthermore, the Elliott wave analysis suggests that ETH is in a consolidation phase after wave 3, preparing for wave 5, which could push the price above $3,000.