Ethereum’s Pectra Upgrade: The $2K Breakout Catalyst or Just Another Crypto Hype Cycle?

Ethereum bulls are eyeing the Pectra upgrade as the next rocket fuel—but can it really punch through the psychological $2,000 barrier? Market sentiment’s split between ’game-changer’ and ’yet another dev promise.’

Here’s the kicker: while layer-2 scaling and wallet UX improvements sound sexy, remember this is the same crowd that called ’The Merge’ a guaranteed moon mission. Spoiler—it wasn’t.

Will Pectra deliver where others flopped? Traders are already front-running the news, because nothing screams ’healthy market’ like preemptive FOMO. Stay sharp—ETH’s got history of burning overeager bulls.

ETH Could Rally to $2,400 If Everything Goes as Expected

Looking at the daily chart, we can see that ETH has climbed above its 21-day exponential moving average (EMA), as most cryptocurrencies have in the past week, as market sentiment has improved.

Apart from Pectra, this week introduces yet another variable that could result in significant price movement. Tomorrow, the Federal Open Market Committee (FOMC) convenes to make a decision on interest rates. The market’s consensus is that no changes will be made to the federal funds rate this week.

However, comments from Jerome Powell, the Chairman of the U.S. central bank, will be scrutinized to analyze the path that the institution will follow for what remains of the year, considering the significant changes that Trump’s hostile trade policies have put on the table.

It is worth noting that the U.S. economy shrunk during the first quarter of 2025 by 0.3% compared to the previous three months. This could influence the Fed to lower rates sooner than expected as well. In that case, prices could rally as higher liquidity results in higher asset prices in the financial markets in normal conditions.

As long as these two support levels hold, this token’s outlook is still bullish.

Meanwhile, if Pectra goes great and the Fed does not rattle the markets, we could maybe see ETH retesting the 200-day EMA from below at around $2,400 in the mid-term.

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