Ethereum Price Forecast: ETH Struggles to Climb Above $2,750 – Is $3K Still Possible?

Despite this mild setback, the token has still managed to trim its year-to-date losses to just 22.7% after the Pectra upgrade and it is also the best-performing asset of the top 5 in the past 30 days.

Pectra improves the network’s efficiency by increasing the number of blobs that can be added to every ETH block from 6 to 9. This allows layer-two blockchains to offer lower fees and faster transaction settlement speeds.

In addition, it can also make ETH a deflationary asset as a portion of the blockchain’s gas fees will now be burned automatically.

The market has reacted positively thus far to this technical upgrade as reflected by ETH’s recent performance.

Paired with a radical shift in market sentiment from extremely bearish to bullish in just a month, the stage is set for ETH to rise to higher highs.

The question would be, how high can ETH go during this rally and can it get to $3,000 or even $4,000 again?

ETH is Still On Track to Hit $3,000

We have been keeping track of a historical pattern in our previous Ethereum price prediction articles and, thus far, our bullish scenario has unfolded as expected.

The price bounced off oversold levels in the daily Relative Strength Index (RSI) and then broke its consolidation rectangle (faster than expected).

Just a few days later, it rose above the $2,000 threshold and, along the way, it sent a couple of technical buy signals in the form of short-term EMA crossovers and key-level breakouts mostly.

This behavior is consistent with ETH’s historical patterns. In this scenario, we set a first target for ETH at $3,000 as it would involve a retest of its former trend line support – now turned into resistance.

The price has temporarily encountered selling pressure at the $2,750 level but another huge buy signal has been triggered – a bullish crossover between the 9-day and 200-day EMAs.

The last time this happened during an uptrend, the price of ETH more than doubled in just a few months.

Hence, our price prediction is still unfolding as expected with a first target set at $3,000. Then the next question: is it possible for ETH to climb to higher ground?

Keep an Eye on This Sell Signal

Retesting a former trend line from below is a classic bearish confirmation if the price rejects it once again. This trend line resistance (former support) comes from the weekly price action and that makes it more relevant than daily price patterns and signals.

A strong rejection could lead to a dramatic pullback for ETH, especially at a point when the daily RSI has reached extreme levels.

Historically, the key sell signal to watch that could call the top of what could still be categorized as a bear market rally would be a bearish crossover between the 9-day and 200-day EMA that occurs alongside a declining RSI.

This indicates two things: first, positive momentum has faded and, two, a change in the trend’s direction.

The last two times this happened, the price collapsed and ETH lost nearly 50% of its value in just a few months.

Until that happens, buckle up as this could be a fun ride to new heights.