Ethereum (ETH) Price May Be Poised to Breakout as Pectra Upgrade Approaches

The Ethereum price may be gearing up for a long-term breakout as analysts point to key on-chain trends and the upcoming Pectra upgrade.

The Ethereum price may be gearing up for a long-term breakout as analysts point to key on-chain trends and the upcoming Pectra upgrade. The asset has been consolidating in a defined accumulation zone, and several traders believe this phase could lead to a strong upward movement later this year.

According to core developers, the Pectra upgrade is tentatively scheduled for April 30, 2025. This upgrade will introduce several new features, including wallet improvements and efficiency enhancements. With Ethereum trading near the $2,000 level, experts say the asset is preparing for a breakout that could target much higher prices.

Ethereum price has remained in a sideways pattern since 2023 and this consolidation has been described by analysts as an “accumulation box.” It refers to a period when traders and institutions gradually build positions while prices remain stable.

Technical analysts have also identified a falling trend line that can be considered a major obstacle. According to them, the breaking of this price level is expected to trigger the start of the bull run for Ethereum. Based on this analysis, Crypto Patel believes that an Ethereum price macro breakout may occur after April, and this is supported by cyclical structures and on-chain data.

Therefore, in the high timeframe (HTF), Patel has kept his bullish price prediction of Ethereum to $10,000 as definitive.

“Really looking forward to the speed of the breakout above $2,150 for $ETH,” crypto analyst Michaël van de Poppe said as he keeps tabs on the Ethereum price.

The Pectra upgrade, which is expected to launch on April 30th, is a significant event in the Ethereum ecosystem. This upgrade is meant to introduce a major increase in Ethereum’s throughput and transaction speed. Speaking of Pectra, Ethereum core developer, Terence, has reaffirmed that the upgrade is on track, and will be implemented unless the next core developers’ meeting has something different to say on the matter. The upgrade is expected to lessen the network load, increase rate per second, and increase security.

The Pectra update will also include features such as no-gas transactions and passkey integration and no token approval. The following changes are expected improve the usability of Ethereum as well as strengthen the platform’s standing in the industry. By so doing, Ethereum is expected to handle more volumes and accommodate more users as it scales.

The update is not only positive in terms of technicality; it has added a new feature that allows people to pay gas fees using other tokens besides Ethereum. This could increase the utility and versatility of Ethereum even more and hence, attract more users and developers to it.

Following the successful deployment of the Pectra upgrade on the Hoodi testnet, Ethereum has seen significant whale activity. According to data from Lookonchain, several large whale addresses withdrew nearly 16,000 ETH, worth around $32 million, from major exchanges after the testnet upgrade. This move has sparked optimism in the market, with many viewing whale activity as a signal of potential bullish momentum.

Whales often play an influential role in market sentiment. Their actions are closely watched by retail investors, and their accumulation typically triggers more buying interest. As Ethereum’s technical improvements are set to take effect, the optimism surrounding the Pectra upgrade is likely to fuel further price increases.

Despite this positive sentiment, the Ethereum price faced a brief correction back to the $2,000 mark at press time. This correction is a typical market cycle following large price movements, but does not negate the overall bullish sentiment surrounding the cryptocurrency. Analysts remain optimistic that Ethereum will regain momentum after the upgrade goes live.