Ethereum (ETH) has gone up by nearly 10% today

Ethereum (ETH) price rose nearly 10% on Saturday as the rally entered price zones that offer little resistance.

ETH currently trades at $2,681 and, with just 12% more to go to reach $3,000, the question in most traders’ minds is: will ETH break out above this key resistance?

The Pectra upgrade has been one of the strongest catalysts pushing the price of ETH higher. Although the market as a whole has recovered, the token’s weekly performance speaks for itself.

#Ethereum

$3000 is inevitable

In the past 7 days, ETH has surged by nearly 51% while Bitcoin (BTC), XRP (XRP), and Solana (SOL) produced gains of 10%, 21%, and 25%, respectively.

Pectra introduces significant improvements to the Ethereum blockchain including an increase in the number of blobs that L2s can add to every ETH block. This makes them cheaper and more efficient, and reduces the circulating supply by burning a portion of the transaction fees collected by the network.

After Pectra, Ethereum’s dominance in the smart contracts space may solidify and this could result in higher transaction volumes and an increase in stablecoin reserves – all of which support a bullish Ethereum price forecast.

Can ETH Bulls Gather the Fire Power to Push Through $3,000?

ETH’s trading volumes have not yet surpassed yesterday’s mark but there are still a few hours in the clock to get there.

The price stretched from $1,811 to $2,583 in just three days and the rally has pushed momentum indicators to overheated levels.

The Relative Strength Index (RSI) has already entered overbought territory, meaning that the uptrend’s strength is quite high.

The next key resistance to watch for ETH apart from the obvious $3,000 is hurdle is its nearest lower high at $2,860.

One interesting confluence is that, once (or if) ETH gets to $3,000, the 21-day and 200-day exponential moving averages (EMAs) will cross over in a highly bullish technical event known as the ‘golden cross.’

The last time this happened, ETH produced gains of 18% calculated based on the price of the token at the time of the crossover. If history repeats, it means that ETH could get to $3,500 if the 21-day EMA crosses above the 200-day EMA.

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