Ethereum Eyes $2,900 : Key Levels to Watch This Week

Ethereum Surges to $2,900 with Pectra Upgrade

The crypto market is buzzing as Ethereum (ETH) brilliantly outperforms the downward trend that has persisted for several months. This bullish momentum of the second-largest cryptocurrency has driven the entire market into a frenzy.

Ethereum has surged by 47% in just 5 days, far exceeding Bitcoin’s (BTC) 7.9% gain over the same period. As a result, Bitcoin’s dominance has fallen from 65.36% to 62.38% in 6 days, while the total altcoin market cap has surged by $232 billion.

This surge of Ethereum is largely attributed to the excitement surrounding the Pectra upgrade, attracting not only individual investors but also whales making significant deposits on centralized platforms.

“The Pectra upgrade is a turning point for Ethereum, with significant improvements in scalability and efficiency. This not only attracts developers but also institutional investors who see long-term potential,” explained Vitalik Buterin, co-founder of Ethereum, in a recent interview with CoinDesk.

According to a report from the Ethereum Foundation, the network has already seen a 15% increase in active validators since the official announcement of Pectra in March 2025, with over 1.2 million validators to date. This growth reflects increasing confidence in the network’s strength and future.

“Pectra will allow Ethereum to remain the undisputed leader of blockchains for decentralized applications. The technical improvements are impressive, but it’s the impact on adoption that truly excites the market,” stated Aya Miyaguchi, executive director of the Ethereum Foundation, in a press release.

Meanwhile, the layer 2 ecosystem (second-layer solutions like Arbitrum and Optimism) continues to thrive, reducing transaction fees and attracting new users. According to L2Beat, the total value locked (TVL) in Ethereum’s layer 2 has reached $45 billion, up 20% since the beginning of the year.

Technical Analysis and Outlook

From a technical perspective, Ethereum is showing convincing bullish signals. The price is approaching the 50% Fibonacci retracement level at $2,774, supported by key indicators:

• On-Balance Volume (OBV): Showing a steady increase, indicating accumulation by buyers.
• Chaikin Money Flow (CMF): Positive, reflecting inflows of capital.
• Money Flow Index (MFI): In overbought territory but without bearish divergence on the daily chart.

However, an analysis of liquidations reveals a potential risk. According to Coinglass, the absence of significant short liquidations leaves many leveraged long positions vulnerable. Data shows that 68% of open positions in ETH futures contracts are long, which could trigger a downward liquidity hunt if the market corrects.

Over a six-month period, the $2,900 zone is identified as a key magnetic level, drawing price due to liquidity accumulation. However, surpassing the psychological barrier of $3,000 may require a favourable convergence of macroeconomic conditions and sustained Bitcoin performance.

“The $2,900 zone is a crucial pivot point. Consolidation is likely before a new push, but traders need to monitor whale movements and macro data, such as Fed interest rates,” cautioned an analyst from Glassnode in a recent report.

In the coming days or weeks, consolidation around $2,800 is conceivable, offering traders the opportunity to take profits. Santiment data suggests that whales have sold 120,000 ETH in the past two weeks, indicating strategic profit-taking.

The crypto community is closely monitoring Ethereum’s evolution, anticipating the next moves of the second-largest cryptocurrency. While its climb towards $2,900 seems inevitable, traders will need to navigate cautiously in an ever-volatile market.

Here’s a guide to acquire the token before a potential rise to $2,900 directly on Bitget:

• Create a Bitget account: Sign up on Bitget with your email or phone, verify the code sent, and enable 2FA to secure your account.
• Verify your identity (KYC): Submit an ID to complete KYC verification, necessary for trading.
• Add funds: Deposit cryptos (USDT, BTC) or fiat via credit card (Visa, Mastercard) or bank transfer in “Deposit.”
• Access the market: Go to “Spot Market,” search for “ETH,” and select the ETH/USDT pair.
• Make the purchase: Choose a market order (instant purchase) or limit order (set price), enter the quantity, and confirm.

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