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Title: Ethereum (ETH) Price: Will Pectra Upgrade Spark the Next Rally Above $2,000?
Ethereum’s price has recovered to $1,817 after dipping to $1,737 on April 30. As the upcoming Pectra upgrade aims to strengthen its position against rivals like Solana, BNB, Cardano, and Tron, the cryptocurrency appears poised for a move above the critical resistance level of $1,840.
Historically, this zone has served as a launching pad for new uptrends. The MVRV Z-Score, which measures market tops and bottoms, suggests that Ethereum may be underpriced at current levels, offering a favorable entry point for investors.
Several technical indicators also support the case for an Ethereum comeback. The formation of a monthly Dragonfly Doji candlestick pattern has been observed, similar to the one that preceded its massive 25,000% climb during the 2017 bull cycle. This pattern typically indicates rejection of lower prices and potential recovery of bullish momentum.
Additionally, on-chain data suggests that investors may be growing more comfortable with ETH’s current value, as reflected by options market data showing a decrease in put option trading volume while call options gain prominence.
Source: https://coincentral.com/ethereum-eth-price-will-pectra-upgrade-spark-the-next-rally-above-2000/
