Ethereum Rises 1% After Pectra Upgrade, Eyes 45% Gain

Ethereum (ETH) has seen a modest increase of nearly 1% in the past 24 hours, currently trading at $2,535 after a period of relatively stable price action. The token's recent rally following the Pectra upgrade encountered selling pressure at the $2,750 level, which coincided with crossing the 200-day exponential moving average (EMA) on the daily chart.

Crypto trader Merlijn the Trader identified a bullish indicator known as a 'golden cross' in the 12-hour chart, suggesting a potential for significant near-term gains for Ethereum. This pattern has historically produced strong results for the top altcoin. The last occurrence of a golden cross resulted in a substantial price increase for ETH, and the current setup indicates a similar potential for growth, with Ethereum potentially reaching $3,000.

Ethereum price forecasts have been revised following the successful implementation of the Pectra upgrade, which has enhanced the network's efficiency. This upgrade could make ETH a deflationary token, as a portion of gas fees will now be burned to reduce its circulating supply. Another continuation pattern has emerged, suggesting a bullish breakout that could push ETH to at least $3,600. This flag pattern, which occurs after a strong bullish movement, indicates that the market is consolidating before resuming its previous trend. If a bullish breakout occurs above the upper bound of the flag at $2,600, the expected price movement could be at least 45%, taking ETH to $3,600 in the coming weeks. The pattern's bullish bias would be confirmed if the breakout is accompanied by high trading volumes.

Additionally, Ethereum could soon deliver another strong buy signal as the 21-day EMA approaches the 200-day EMA. If the 21-day EMA crosses above the 200-day EMA, a bullish signal known as a 'golden cross' will be triggered, potentially resulting in major gains for the token in a relatively short period. This technical indicator has historically been a reliable predictor of significant price movements for Ethereum.