Ethereum (ETH) experienced a massive price surge earlier this month. The asset’s price took off after the commencement of the Pectra upgrade. ETH’s rally has since slowed down. Despite the cool off, ETH is still trading in the green zone. The asset is up 2.7% in the daily charts, 4.1% in the weekly charts, 6.1% in the 14-day charts, and 45.5% over the previous month. Despite the incredible breakout, ETH’s price is still down by 32.4% since May 2024.
Cryptocurrencies Consolidate As Investments Slow Down
ETH’s recent rally was further supported by a spike in institutional investments in the crypto market. Bitcoin (BTC) saw a new peak of $111,814 on May 22. The rally was likely due to a surge in institutional investments. The rally has since slowed down. BTC’s price has fallen to the $109,000 level amid a dip in institutional inflows.
ETH’s Pectra was incredibly well-received by the community. The upgrade will likely lead to more burns for the ETH ecosystem. Burns saw a drastic dip over the last few years.
Ethereum (ETH) may make another bullish turnaround over the coming weeks. The Federal Reserve may cut interest rates after its next meeting. A rate could lead to more risky investments.
When Will Ethereum Reclaim $4000?
ETH last traded above the $4000 mark in December 2024. The asset has experienced quite a price dip since December.
According to Changelly, Ethereum (ETH) will not breach the $4000 mark this year. The platform anticipates the second-largest crypto by market cap to hit the $4000 mark in April 2026.
Also Read: Ethereum Whale Makes $23 Million Profit Amid 49% Rally
Telegaon analysts are more bullish on ETH than Changelly. The platform expects ETH to climb to a new all-time high of $6589.17 this year. ETH will face a 150% rally if it hits $6589.17 from current price levels.
