Ethereum (ETH) Prepares for Pectra Upgrade as Analyst Predicts New ATH in February

Ethereum appears ready for a major move, with analysts watching closely for a breakout above $4,000—a key level for further gains.

Ethereum’s price has been consolidating after a recent drop, with key levels to watch for a potential breakout or breakdown.

After a period of consolidation, Ethereum’s price could be poised for a breakout or a surprising move. Here's what to watch.

Ali Martinez Breaks Down Ethereum’s Key Levels, Revealing Potential for a 7x Surge

Ethereum’s price has been consolidating after a recent drop, with key levels to watch for a potential breakout or breakdown. After a period of consolidation,彙整幣市焦點，輕鬆掌握脈動

Ethereum’s price could be poised for a breakout or a surprising move. Here’s what to watch.

After a recent drop from highs above $3,000, Ethereum’s price has been consolidating. However, the world’s second-largest cryptocurrency could be gearing up for a major move.

As reported by Ali Martinez, a renowned cryptocurrency analyst, Ethereum’s price might be preparing for a 7x surge if it manages to clear a crucial resistance level. Here’s a closer look at the key levels and what they could mean for ETH’s price.

Ethereum’s Price Might Be Preparing For A 7x Surge If It Clears A Key Resistance Level

Ali Martinez recently shared his analysis on Ethereum’s price, highlighting key levels traders should watch for a potential breakout or breakdown. According to Martinez's technical analysis, Ethereum’s price might be preparing for a 7x surge if it manages to clear a crucial resistance level.

After a recent drop from highs above $3,000, Ethereum’s price has been consolidating. However, the world’s second-largest cryptocurrency could be gearing up for a major move.

As reported by Ali Martinez, a renowned cryptocurrency analyst, Ethereum’s price might be preparing for a 7x surge if it manages to clear a crucial resistance level. Here’s a closer look at the key levels and what they could mean for ETH’s price.

Ali’s Dream Scenario: Ethereum Surges 7x, Hitting Levels Last Seen During 2023 Bull Run

Ali’s dream scenario for Ethereum’s price is a clear breakout above the $4,000 resistance, paving the way for a 7x surge from current levels. This would put ETH’s price at around $7,400, coinciding with the 0.382 Fib level.

If the momentum continues, Ethereum’s price could rally further, targeting the 0.5 Fib level at $10,000 and eventually the 0.618 Fib level at $14,000. This would mark a remarkable recovery for ETH, considering its recent struggles below the $2,000 level during the 2023 bear market.

Ethereum’s price currently hovers around $2,705.34, reflecting a 2.36% drop in the last 24 hours. Support is found at $1,850, while resistance at $4,000 stands as a major barrier. The price action suggests a period of consolidation, setting the stage for a sharp move that could change the market outlook.

Key Support and Resistance Levels

Ethereum has been moving within a narrow range, hovering near $2,785.

The current market indicates that bulls must drive prices above $4,000 to confirm a breakout. A move above this threshold could spark an upward rally, first targeting $7,400 and eventually reaching $10,000 or even $14,000.

Potential downside risk is if prices drop below the $1,850 support level, Ethereum could slide further, testing lower levels. The trading pattern, marked by consolidation, often precedes a sudden price move.

Market Activity and XRP Derivatives Trends

According to Coinglass data, the derivatives market data highlights notable shifts in trading volume and interest. XRP futures lost 15.29% in trading volume, now at $10.01 billion, while open interest fell by 5.68% to $3.48 billion.

Related: Ethereum’s Price Jumps as Big Names Show Support

In contrast, options activity has surged, with volume rising 86.79% to $3.51K and open interest up 18.94% to $1.81 million. This split indicates growing speculative interest in XRP options, even as futures activity declines.

Ethereum’s Pectra Upgrade and Its Impact

Ethereum is gearing up for its next major upgrade, Pectra, which aims to enhance speed and efficiency across the network. The upgrade will initially launch on testnets before being deployed on the mainnet.

Ethereum developer Tim Beiko noted that the Holesky testnet will fork on February 2