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Ethereum Eyes Breakout as Pectra Upgrade Hits Mainnet
By: cryptosheadlines|2025/05/08 06:15:07
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Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Ethereum trades near $1,840 as the Pectra upgrade rolls out, with traders eyeing a breakout above key resistance at $2,060.A bullish breakout could send Ethereum toward $2,480, as price consolidates within a narrowing range near its upper boundary.The Pectra upgrade boosts Ethereum’s technical outlook, with shrinking candlesticks suggesting reduced volatility ahead of a strong move.Ethereum’s price remains locked in consolidation near $1,840 as the highly anticipated Pectra upgrade rolls out on mainnet. Coinbase temporarily paused Ethereum deposits and withdrawals from 2:50 AM to 3:45 AM PT to ensure network stability during the transition. Although staking requests were delayed, existing staked positions remain untouched. Market participants are closely monitoring both the network’s technical upgrade and ETH’s tightening price structure for signs of a breakout.Ethereum Consolidates Near Key Resistance ZoneSince falling below $1,300 earlier in 2025, Ethereum has shown signs of resilience. In April, the token broke out of a descending channel, ending a months-long bearish streak. This breakout led to steady consolidation between $1,800 and $1,940. The price action formed a narrow horizontal range, suggesting an accumulation phase.Source: World Of ChartsBesides, this sideways movement now positions Ethereum near the upper limit of this range. Resistance levels at $2,060, $2,180, and $2,480 remain unbroken. These lines previously acted as support but now cap upward momentum. Despite the consolidation, price structure hints at brewing volatility.Moreover, a sharp, hand-drawn projection on the latest 8-hour timeframe signals a possible rally toward $2,480. This forecast bypasses intermediate resistance levels, suggesting a strong move may follow a confirmed breakout.Pectra Upgrade Adds Momentum to Technical SetupThe Ethereum Pectra upgrade, which went live early Wednesday, aims to enhance scalability and security. Hence, this network advancement adds another layer of interest to Ethereum’s already bullish-looking setup. Although momentum indicators like RSI and MACD are missing, the tightening candlestick formation suggests reduced volatility before a larger move.Ethereum’s current trading behavior reflects a common pattern before major breakouts. Candlesticks are shrinking in amplitude, and price remains wedged in a contracting zone. This structure often leads to explosive price action once the range is broken.Additionally, the broader crypto market shows signs of stabilization, adding further optimism. Ethereum’s bounce from the $1,260 low retraced a significant portion of its earlier losses. However, it still lags behind major psychological resistance near $3,000.Source link
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