Ethereum Price In Pullback Zone: Could It Hit $4000 Mark Soon?

• The Ethereum price has surged by 35% in the past 9 days.
• ETH price is in pullback territory, and a single push could lead to a new ATH.

Ethereum (ETH) price has recovered from the demand zone of $2,300 and shown weakness near the $3,400 mark. The Ethereum price has declined by 5.83% over the past 2 days and reached the pullback territory.

Bitcoin is a leading coin in the cryptocurrency market. It has performed extraordinarily. BTC is eyeing another bullish rally based on the technical chart. It might leave a positive impact on the Ethereum price.

The recent bearish momentum has halted near the $3,180 level, and the market sentiment was bullish. A successful pullback could trigger another bullish rally and lift the price to a new all-time high (ATH).

Could Ethereum Price Record a New ATH After a Single Push?

When writing, the Ethereum price was trading at $3,202. It has remained neutral over the past 24 hours. The market capitalization was $385.21 Billion, and the 24-hour trading volume was $46.52 Billion.

A pullback scenario could be generated if the ETH price defends the $3,180 mark. Suppose buyers show interest and the price surpasses the last swing high; it could be a bullish sign.

Exceeding the last swing high may tempt buyers, and the ETH price may extend to the $4,000 territory. Assuming buyers remain strong, the price may record a new ATH.

Alternatively, if the digital asset price slips below the $3,180 level, it could trigger bearish momentum. In a broader time frame, the price has been declining in lower lows and lower highs way. The ETH crypto price was in the lower, high territory. Any bearish sign could trigger profit booking, and the price may melt to the crucial level of $2,720.

Can Pectra Upgrade Boost the Ethereum Rally?

Crypto researcher AstroCryptoGuru has forecasted that the price of Ethereum could hit $4,000. The analyst made this prophecy due to the Pectra upgrade.

The Pectra update is expected to be one of the most significant Ethereum updates. This would implement several Ethereum Improvement Proposals (EIPs) to improve the network’s functionality, scalability, and security.

This extensive update may improve Ethereum’s functionality and spur more users. It could improve the long-term prospects.

I continue to slowly add #Ethereum
Price Target $4000

"The Pectra upgrade is expected to be the largest in Ethereum's history in terms of the number of Ethereum Improvement Proposals (EIPs) it includes.
The Pectra upgrade is expected to improve Ethereum's security, scalability,… pic.twitter.com/ENCfiGiaWP

— Crypto Damus (@AstroCryptoGuru) November 13, 2024

Increased security features are anticipated as part of the update. It should help Ethereum be ready for any attacks given the expanding network.

The Pectra upgrade aims to address a major problem in the network. It will increase Ethereum’s transaction capacity and potentially lower gas fees.

AstroCryptoGuru said the increased demand for the upgrade would fuel the ETH crypto bull case. This demand may draw in more developers and users. It would increase Ethereum’s intrinsic value and support higher price points.

Ethereum Price Prediction Based on Technical Chart

The Ethereum price was a critical pullback zone at press time, having recently experienced a notable surge. However, it has encountered resistance around the $3,400 mark.

The optimistic market sentiment has created a favorable environment for Ethereum to reclaim its upward momentum. It was coupled with potential bullish movements from Bitcoin,

The ETH price may defend the $3,180 level and break past the last swing high. If this happens, there’s a strong possibility it could push toward the $4,000 mark and reach a new all-time high.

However, caution is warranted, as falling below $3,180 could trigger bearish pressure and lead to a decline toward $2,720. The upcoming Pectra upgrade may also catalyze a rally, further influencing Ethereum’s price trajectory in the near term.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.