Cryptocurrency Forecast: Special Upgrade in ETH Pectra Could Initiate an Imminent Bull Rally, Causing Traders to Invest Heavily in This Initial Coin Offering and Receive Free Bitcoin
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The Ethereum price soared over 1% in the last 24 hours, closing in at $1,835 as trading volume spiked by 53% to reach $14.1 billion.
This upward trend in ETH price is a precursor to the anticipated Pectra hard fork, which initiated at 10:05 UTC on this very day. Often referred to as the biggest network redesign since The Merge, which switched the consensus model to proof-of-stake, the Pectra upgrade is set to revolutionize Ethereum.
Here's a sneak peek at how this transformative event will reshape the $ETH network 🧵
Revamping an Outdated Ethereum 🕰️
Get ready to bid farewell to inconveniences like double-signing transactions and those pesky approval + sign pop-ups.
A Son of a Smart Wallet 💻
Say hello to an altogether smarter wallet that'll offer a more streamlined, user-friendly experience. 📸ADDED. Source: @Cryptowithkhan on Twitter
Crypto analysts have high hopes for this upgrade. With Ethereum holding on to its first-mover advantage in the decentralized finance (DeFi) sector, the introduction of faster transaction speeds, interface enhancements, and a series of other performance-boosting improvements should usher in a new era for the Web3 space.
Additionally, the upgrades are expected to act as a catalyst for the next bull run, thereby attracting more institutional investments to Ethereum and the broader digital assets arena.
Ethereum Price – A 46% Leap
The ETH price has just burst free from a descending wedge pattern, a technical formation usually considered bullish. This pattern has taken shape over several months, characterized by lower highs and lower lows converging at a point.
The breakout happened with a forceful move above the upper trendline, hinting at a possible shift in trend from bearish to bullish.
At the moment, Ethereum is trading at around $1,835, comfortably above the 50-day Simple Moving Average (SMA) at $1,777.79, which further bolsters the emerging bullish momentum.
Based on the wedge's height, the breakout target indicates a potential move towards the $2,700 region. This target point coincides with the 200-day SMA, which adds to its importance as a resistance level, according to GeckoTerminal data.
Meanwhile, the Relative Strength Index (RSI) is at 57.11, inching upwards but not yet entering the overbought territory, suggesting more room for further upward movement.
The Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover, with the blue MACD line above the orange signal line and both within positive territory. This supports continued upward momentum.
The confirmed breakout from the falling wedge, the backing of the 50-day SMA, and bullish signals from both the RSI and MACD suggest that the Ethereum price might make an attempt at the $2,705 mark—a gain of approximately 46% from the current levels.
However, if bears manage to take control, the price of Ethereum could plunge to the $1,500 level.
Meanwhile, crypto enthusiasts are flocking to BTC Bull Token (BTCBULL), an appealing Bitcoin-themed meme coin.
Crypto YouTube giant 99Bitcoins, with over 725K subscribers, predicts that BTCBULL holders could reap 10X returns after the token's release.
BTC Bull Token – Presale on the Rise
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As of now, the token is in presale and has already amassed $5.38 million in funding.
By purchasing BTCBULL with BNB, ETH, USDT, or bank card and staking it, investors can grab an enticing 76% annual yield.
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- In light of the predicted Pectra hard fork, investors can anticipate an upgrade to their wallets, offering a more streamlined and user-friendly experience on Ethereum by 2025.
- As institutional interests in digital assets increase, the Pectra upgrade is expected to act as a catalyst for the next bull run, potentially attracting larger investments to Ethereum.
- Meanwhile, crypto enthusiasts are keenly watching the presale and performance of BTC Bull Token, with promising returns predicted by crypto influencers for those who invest in this Bitcoin-themed meme coin.
