Ethereum Rally Is Just Getting Started – Could a $10K Breakout Be Closer Than We Realize?

Ethereum (ETH) has gone up by nearly 5% in the past 24 hours and currently sits at $2,655 per toke.

Trading volumes have exploded by 56% and account for more than 11% of the token’s circulating supply as Bitcoin’s push to a new all-time high has lifted all other boats.

ETH is the best-performing cryptocurrency of the top 5 in the past month with gains of 63.1% as the Pectra upgrade catalyzed a major rally for the top altcoin.

#Ethereum to $3K is closer than we think!

$ETH #ETHUSDT https://t.co/UjM9JZzbA0 pic.twitter.com/Tx99hzXbcm

Pectra introduces several changes to the blockchain’s infrastructure including an increase in the number of blobs that can be included per ETH block. Blobs are used by layer-two blockchains like Arbitrum to settle transactions faster and at a lower cost in the Ethereum Virtual Machine.

Additionally, Pectra also makes ETH a deflationary token as a portion of the network’s gas fees will now be burned.

In summary, the upgrade makes the blockchain much more competitive and favors a bullish ETH price forecast at a point when rival smart contract platforms like Solana (SOL) and Sui (SUI) are threatening to take some of its market share in the decentralized finance (DeFi) space.

ETH is breaking out of a bullish flag pattern in the daily chart. This breakout could result in major gains for the top altcoin in the near term, and above-average trading volumes confirm its bullish bias.

Meanwhile, the 21-day exponential moving average (EMA) seems poised to make a bullish crossover above the 200-day EMA. The last time this happened, the price rose by 26% and ETH surged near the $4,000 level.

The key resistance to watch at this point would be the $2,850 level. The price may reject a move above this area first and retest the bull flag’s upper bound. If it bounces back, it will confirm a bullish outlook.

Based on the flag’s pole, which is often used as a reference to draft a short-term Ethereum price prediction, the token could rise to $3,600 in a month or so.

Ethereum may not reach $10,000 during this bullish cycle, but its upside potential is still huge after the successful implementation of Pectra.

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