Ethereum Price To Reach $10K Amid Major Pectra Upgrade Announcement

The Ethereum price is poised for a significant uptrend, driven by the overall bullish sentiment in the global crypto market and further bolstered by the announcement of the Pectra upgrade. With anticipations of a 266% uptick, analysts remain optimistic of ETH’s bullish ascendance.

Despite Ethereum’s recent dip, the altcoin is showing signs of a reversal, targeting a new all-time high. However, considering the inherent unpredictability of the crypto market, investors are staying alert to potential shifts in market sentiment.

Will Ethereum Price Surge to $10K? Experts Weigh In

At the onset of February, the crypto market experienced a massive slump, with top cryptocurrencies hitting severe lows. Ethereum, which hovered around the $3,500 mark, fell to $2,500 during the cycle.

However, the market is now recovering, with the Ethereum price seeing significant surges. In a recent X post, analyst CryptoGoos provided a highly bullish prediction for ETH, arguing that the altcoin targets $10,000. Drawing parallels between the movements of Bitcoin and Ethereum, CryptoGoos asserted that ETH is following the footsteps of Bitcoin before a massive pump.

Reinforcing CryptoGoos’ predictions, another analyst, Crypto King, posted, “ETH is breaking towards $10,000.” If these predictions materialize, the Ethereum price is likely to reach an all-time high, surpassing its previous records and achieving its highest peak ever.

Pectra Upgrade: Impact on ETH Price

Earlier today, Ethereum announced its potential Pectra upgrade. The blockchain network has outlined a roadmap for the Pectra upgrade, with activation planned for February 24 on the Holesky testnet, March 5 on Sepolia, and a mainnet release targeted for April 8.

While Ethereum’s Pectra upgrade is already live on Ephemery, team member Nixo Rokish highlighted that Ethereum’s core developers are pushing for more frequent upgrades to increase the network’s agility and ability to adapt to changing circumstances. Rokish stated,

Pretty strong consensus from the Pectra Retrospective post that the people want faster fork cadences… that’s going to mean less dilly-dallying about scope and more aggressively presented opinions.

Following the announcement, the Ethereum price reached $2,736, marking a notable recovery from the downtrend. The recent decline in Bitcoin dominance has also fuelled speculations of Ethereum’s return, eying $4k.

Ethereum’s Path to $10K: Key Drivers

According to Ted, $10,000 is a “magnet” in ETH’s bull cycle. Reflecting on historical trends, Ted argued that Ethereum is mirroring patterns from 2020. Furthermore, the analyst presented multiple positive developments that he considers bullish signs for the Ethereum price.

Notably, increasing institutional accumulation of ETF contributes to his bullish outlook. Multiple whales are buying and stacking tokens worth more than $100 million daily. The potential addition of staking feature in ETH ETFs is yet another positive sign.

In addition, US President Donald Trump’s consistent purchases of ETH have further contributed to the bullish sentiment. Finally, the Ethereum Foundation’s DeFi strategy is also significantly impacting the token’s price.

Ethereum’s Current Trajectory: Insights and Analysis

As of press time, Ethereum is priced at $2,734, up by 3.52. Over the past seven days, the Ethereum price has experienced a 2.45% increase despite a monthly decline of 18%. Though ETH stands firm at the second position on CoinMarkCap with a market cap of $329.82 billion, its 24-hour trading volume has dipped by 34%, currently at $14.17 billion.

Meanwhile, CryptoCaesar, a prominent crypt voice, suggested that Ethereum is set for a breakout above $6000. However, it remains to be seen, with the passage of time, which price point – $10,000, $6,000, or $4,000 – will be the reality for Ethereum.

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Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.