Crypto analysis

Crypto price prediction: Ethereum (ETH) early bullish sign after Pectra upgrade announcement

February 15, 2025

Ethereum (ETH) crypto analysis:

Ethereum (ETH) crypto analysis

Ethereum (ETH) saw a 3% increase on Friday after the Ethereum Foundation revealed the official timeline for the Pectra upgrade on the Holesky and Sepolia testnets. Following the news, ETH reached $2,817, a key resistance level it has struggled to break. Technical indicators suggest a slight bullish momentum, giving traders hope for an upward move.

ETH is currently trying to retest the $2,817 resistance level, which aligns with the 14-day Exponential Moving Average (EMA). Since the market crash on February 3, Ethereum has repeatedly failed to break past this point. This price level has been significant in the past, as ETH previously stayed below it for four months between August and November.

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If Ethereum manages to rise above this resistance, it could signal a shift toward a more positive market trend. Breaking past $2,817 may encourage more buyers to enter the market, leading to further price gains. However, if ETH fails again, it could continue trading sideways or even drop.

But for now, technical indicators are showing signs of bearish momentum. The Relative Strength Index (RSI) has bounced back its moving average line, indicating growing selling pressure. Additionally, the Moving Average Convergence Divergence (MACD) line is showing its red moving average line, while its histogram bars have moved below the neutral level. These signals suggest that Ethereum’s price action may lean toward the downward trend. To invalidate the bearish outlook ETH price must need to break the resistance level $2817.

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Ethereum still faces risks, a strong rejection from the resistance level could push the price downward. More importantly, if ETH closes below $2,200 on the daily chart, it would invalidate the bullish outlook, potentially leading to further losses. Traders will be closely watching price movements in the coming days to determine Ethereum’s next direction.