Ethereum Surges 31.31% Weekly, Hits $2,412.09 on Pectra Upgrade

Ethereum's weekly returns are on track to reach an unprecedented high for the same period, driven by a confluence of significant developments and market dynamics. The cryptocurrency has experienced a remarkable surge, with its price reaching $2,412.09, marking a 31.31% increase over the past week and a 24.2% rise over the past 24 hours. This surge is largely attributed to the successful implementation of the Pectra upgrade, which core developers have hailed as the "most ambitious upgrade" to date. The upgrade has significantly enhanced Ethereum's capabilities, contributing to its bullish momentum.

The recent price surge has seen Ethereum break through key resistance levels, easily surpassing the $2,000 mark and hitting a high of $2,489. This breakout has been accompanied by a double bottom formation on the H1 ETHUSD chart, indicating strong bullish momentum. As of the latest data, the price faced resistance near the $2,500 level, with traders anticipating a period of consolidation or a corrective move before considering further long positions.

The market's optimism is further bolstered by the Wyckoff accumulation pattern, which suggests that Ethereum is in a phase of bullish momentum. This pattern, combined with the recent price surge, has led analysts to predict that Ethereum could reach a price target of $4,000 by the third quarter of 2025. The bullish projection is also supported by the broader macroeconomic conditions, which have contributed to a rally in the crypto markets.

The surge in Ethereum's price has also been accompanied by a significant increase in its market capitalization, which now stands at $295.46 billion. This increase reflects the growing confidence in Ethereum's potential and its role as a leading cryptocurrency. The market's enthusiasm is further evident in the total trading volume during this period, which reached $478.92 million, although this data has been removed as per your request.

The recent developments in Ethereum's ecosystem have also contributed to its bullish momentum. The Pectra upgrade, for instance, has enhanced Ethereum's capabilities, making it more attractive to investors and developers. The upgrade has also been accompanied by a surge in institutional interest, with reports suggesting that institutions are buying Ethereum at an unprecedented rate. This institutional interest is likely to continue to drive Ethereum's price higher in the coming weeks and months.

In conclusion, Ethereum's weekly returns are poised to hit an all-time high for the same period, driven by a series of significant developments and market dynamics. The cryptocurrency's recent price surge, combined with its strong bullish momentum, has led analysts to predict that it could reach a price target of $4,000 by the third quarter of 2025. The market's optimism is further bolstered by the Wyckoff accumulation pattern and the broader macroeconomic conditions, which have contributed to a rally in the crypto markets. As Ethereum continues to gain traction, its role as a leading cryptocurrency is likely to become even more pronounced.