Quick overview

Live ETH/USD Chart

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Ether broke through $2,700 in a searing rally Tuesday, bolstered by improving macroeconomic conditions.

 

The altcoin is up by 50% in the past week, reaching levels last seen in the last week of February. The Pectra upgrade, which focused on enhancing staking efficiency, wallet usability, and layer 2 scalability, has played a pivotal role in fueling Ethereum’s price rally. This upgrade represents a significant step forward for Ethereum’s network development, positioning the platform for future growth.

ETH’s trading volume jumped to about $35 billion, indicating high liquidity and trader interest.
Institutional investors started piling on the altcoin. London-based digital asset investment firm Abraxas Capital purchased another $84.7 million in ETH, taking its total buys in the last week to $561 million.

Ethereum failed to reach the ideal downside target of $1100, but the price levels we set out to watch gave us ample warning that the downtrend had ended. Besides, the risk/reward was heavily skewed towards reward. Moreover, the daily chart has flipped from bearish to bullish. ETH has therefore most likely wrapped up and is ready to embark on a multi-month high to breach $4K.

Ethereum has had a difficult year. In a February statement, the president’s son expressed optimism about Ethereum. three tweets, saying, “I think now is a great time to add ETH.”. Later, you can thank me. Later, he changed the statement to omit the final sentence.

Ether dropped heavily in February, bottoming out at about $2,300.  The decline deepened as concerns about rising inflation and trade tensions grew after Trump announced broad tariffs in early April. Ether briefly dropped below $1,400 on April 7, the lowest since November 2023