Ethereum (ETH) has formed a strong base above the $1,760 level and is now showing signs of recovery, mirroring Bitcoin’s recent movement. The price managed to break past the $1,820 and $1,850 resistance levels, even pushing above $1,920. However, strong bearish pressure has emerged around the $1,950 resistance zone, preventing further upside momentum.
Read Ethereum Price Prediction for more detailed insights
Currently, ETH is trading below $1,920 and the 100-hourly Simple Moving Average (SMA). On the hourly chart, a short-term bearish trend line has developed, presenting resistance at $1,900. The next major hurdle is at $1,950, aligning with the 50% Fibonacci retracement level of the decline from $2,150 to $1,752.
A decisive breakout above the $1,990 resistance could propel ETH toward the $2,050 mark. A further surge beyond $2,050 may set the stage for a move toward $2,120 or even $2,250 in the near term.
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Meanwhile, Ethereum’s core developers are preparing for the highly anticipated Pectra upgrade, now delayed until at least late April. To ensure a smoother rollout, a third testnet, Hoodi, is set to launch on March 17. If Hoodi runs without major issues, a mainnet launch date could be set as early as April 25.
Pectra integrates over ten Ethereum Improvement Proposals (EIPs), focusing on enhancing wallet functionality, improving user experience, and scaling the blockchain by increasing the data availability blob count from three to six. Despite previous setbacks on Sepolia and Holesky testnets, Ethereum developers are committed to refining the upgrade before deployment.
With Ethereum developers aiming for faster protocol upgrades and growing institutional interest, ETH’s price could see further volatility and opportunities for traders in the coming weeks.
