Ethereum Price Prediction as Crypto Bull Run Enters Strong Rise Phase – 10,000 USD in Q4?

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Ethereum has increased by 4.8% in the past 24 hours and the trading volume has surged by 39% as this leading altcoin approaches the $3,000 mark. The performance of ETH has improved significantly over the past month as this token has cut down its annual losses from nearly 50% to just 22% and has delivered a gain of 55.5% in just the last month.

The network's Pectra upgrade, in addition to the general improvement in sentiment, contributed to this rapid recovery and improved the market's underlying Ethereum price forecast. Investors hope that the changes made by Pectra can help Ethereum to be more scalable, cheaper to use, and faster. Along with many other changes, Pectra implements automatic ETH burning by using a portion of the network's gas fees. As a result, ETH can now be a deflationary coin, meaning its circulating supply will gradually decrease over time. Ethereum Price Prediction: Key Support and Resistance Levels to Watch The daily chart shows that the price of ETH has increased significantly right after Pectra was successfully deployed on the Ethereum mainnet. This move caused the price of this token to rise significantly compared to the 21-day exponential moving average (EMA), followed by two large green candles that reinforced the upward momentum and pushed ETH above the 200-day EMA.

The 200-day EMA is an indicator of the long-term trend direction of an asset; when the price rises above this level, it confirms a long-term bullish outlook. ETH needs to break through the $3,000 level to continue rising. The price has found support at the 200-day EMA in recent sessions and seems to have entered a consolidation mode as market participants gather the necessary liquidity to push the price higher. The 21-day EMA is an important support level to watch for ETH in the event of a price drop along with the $2,100 level. If the token can maintain above that level, although it may not rise to $10,000 in the short term, its upside potential is quite high.

ETH4.11%
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