Ether has been trading within a wide range of $2,850 to $4,094 for several days, indicating a phase of consolidation. The bulls are attempting to initiate a recovery from the uptrend line but are likely to face significant resistance at the 20-day Exponential Moving Average (EMA) at $3,494. Meanwhile, Ethereum developers are optimistic about the upcoming Pectra upgrade, which aims to resolve long-standing issues with on-chain applications. The upgrade seeks to eliminate obstacles such as high gas fees and the reliance on specialized wallets. With features like FaceID transaction approvals and seamless navigation through certain on-chain apps without requiring transaction signatures, Pectra could usher in a new era of user-friendly blockchain experiences.
At the time of writing, ETH was trading at $3,342.5.
ETH encountered strong resistance above the $4,000 mark. The asset reached a high of $4,107 but failed to close above $4,000 on a daily basis, leading to a sharp correction. Prices dropped by nearly 24.5%, reaching $3,101. Following this move, ETH has been consolidating between $3,200 and $3,500 with low trading volumes. The asset has strong support at $3,000, while $3,500 is expected to act as significant resistance.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $3,000 | $3,150 | ETH | $3,500 | $3,750 |
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