- Ethereum holds above $2,600, with analysts eyeing a breakout to $3,200–$4,000.
- Key resistance at $2,750–$2,820; RSI rebounds from oversold levels, hinting at bullish momentum.
- Ethereum’s Pectra upgrade in March 2025 may boost long-term growth and network efficiency.
Ethereum’s price stability above the $2,600 mark has sparked bullish optimism among traders. According to crypto analyst Ali, maintaining this support could pave the way for a significant rally, potentially propelling ETH toward $3,200 or even $4,000. The market now watches closely as Ethereum consolidates within this crucial range.
Technical indicators suggest Ethereum’s resilience above $2,600 could trigger a breakout. ETH appears poised to move higher with strong buying interest and improving sentiment. However, resistance levels and broader market conditions determine whether ETH can achieve these ambitious targets.
Ethereum’s Resilience Signals Potential Breakout
ETH has surpassed the 23.6% Fibonacci retracement level from the $2,794 high to the $2,614 low. It now trends above $2,680, supported by a bullish trend line at $2,640 on the hourly ETH/USD chart. Ethereum trades above $2,690 and the 100-hourly Simple Moving Average (SMA).
ETH faces immediate resistance at $2,690, aligning with its recent decline’s 50% Fibonacci retracement. A breakout above this level could push ETH toward $2,750 and $2,800. A decisive move past $2,820 may drive the price toward $2,920, with further upside potential toward $3,000 and $3,050.
Conversely, failure to break above $2,750 could lead to a pullback. Initial support sits near the 100-hourly SMA at $2,655, with a more critical level at $2,620. A breakdown below $2,620 might push ETH toward the psychological support of $2,600, and extended losses could see it dip to $2,550 or even $2,440 shortly.
RSI Rebound Signals Bullish Momentum
Ethereum’s decline to its lowest levels since November also caused the Relative Strength Index (RSI) to drop, indicating an oversold condition. “Ethereum isn’t a coin to get emotionally attached to, but history shows that when sentiment turns overwhelmingly negative, opportunities can emerge,” said Markus Thielen, CEO of 10x Research.
The anticipated Pectra upgrade, scheduled for mid-March 2025, is a major catalyst on the horizon. The network enhancement merges the Prague and Electra updates, significantly improving Ethereum’s infrastructure. “It upgrade combines Prague and Electra into a comprehensive enhancement,” Thielen added, emphasizing its importance for Ethereum’s long-term growth.
ETH faced rejection at a descending trendline on February 1, triggering a 13.87% decline that pushed it below the psychologically important $3,000 level. ETH continued its correction, falling nearly 9% last week. However, this week, ETH rebounded by almost 3%, stabilizing around $2,690 at the time of writing on Friday.
If ETH sustains its recovery, it could again challenge the $3,200 or $4,000 resistance level. The RSI on the daily chart currently reads 38, bouncing from its oversold level of 30. The RSI must climb above its neutral level of 50 for a stronger rally, signaling sustained bullish momentum and providing a tailwind for further price appreciation.
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