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The Ethereum price soared 17% in the last 24 hours to trade at $2,209 as of 12:19 a.m. EST on trading volume that plunged 27% to $37.3 billion.
This rise in the ETH price comes as traders reacted favorably to the protocol’s recent Pectra upgrade. The upgrade consolidates validator operations by raising the staking limit from 32 to 2,048 ETH, advances wallet usability through an account abstraction mechanism allowing smart contract functionality, and implements nine other Ethereum Improvement Proposals.
ETH’s positive trajectory comes amid a broader crypto market rally that coincided with BTC soaring past $102K for the first time in three months, which pushed the crypto market’s capitalization up 4% to $3.3 trillion.
Ethereum Price Breakout Signals A Continued Surge
The ETH price has decisively broken out of a prolonged falling wedge pattern, a classic bullish reversal formation, signaling a significant change in momentum.
This wedge extended from mid-January to late April 2025, with the Ethereum price compressing between converging support and resistance lines.
The breakout, occurring at the $1,950 level, triggered a sharp upward move, pushing ETH above $2,200. This breakout also invalidated the ABCD corrective pattern, reinforcing the bullish reversal, as data from GeckoTerminal shows.
Additionally, the price has surged above the 50-day Simple Moving Average (SMA) ($1,784.84), further strengthening the bullish outlook. Meanwhile, the next key level to watch is the 200-day SMA near $2,700, which acts as the main resistance.
The Relative Strength Index (RSI) is currently at 77.63, clearly in overbought territory. This reflects intense bullish momentum but may also hint at potential short-term exhaustion or consolidation ahead.
Moreover, the Moving Average Convergence Divergence (MACD) is showing a strong bullish alignment, with the MACD line (77.23) well above both the signal line (32.28) and the zero line, confirming a powerful upside shift in momentum.
ETH/USD chart analysis (Source: GeckoTerminal)
ETH Price Hints At A 22% Surge
Given the breakout from the falling wedge and momentum from key technical indicators, the Ethereum price appears poised to test the 200-day SMA at $2,699.98. This implies a potential 22.75% gain from the breakout point.
However, the RSI has recently surpassed the overbought threshold, indicating a possible pullback on the horizon, which could take ETH back to the $1,788 support zone.
In the meantime, investors flock to the presale for Best Wallet (BEST), which popular YouTuber Austin Hilton, with over 347K subscribers, says is the best crypto to ever come out.
Best Wallet Presale Charges Towards The $13 Million Mark
With decentralization and anonymity becoming more crucial than ever, Best Wallet aligns with crypto’s fundamental values which involves giving users full control over their assets while keeping their personal data secure.
It provides a seamless way to manage, trade, and store cryptocurrencies without requiring identity verification.
The wallet also features the Best DEX, which enables direct crypto trading and integrates with more than 200 other exchanges to find the best swap rates.
It introduces a native presale aggregator and crypto debit card, while offering support for more than 60 blockchains.
Investors are buying into the hype, with the presale garnering over $12.07 million.
Still in its early stages, the wallet has already gained significant traction, boasting over 100,000 downloads and an impressive 4.5-star rating based on more than 27,000 reviews on the Google Play Store.
In the world of cryptocurrency, "The Flippening" refers to the hypothetical event where Ethereum (ETH) surpasses Bitcoin (BTC) in market capitalization. 💰
→ Bitcoin is seen as digital gold — a store of value.
→ Ethereum powers decentralized apps, smart contracts, and entire… pic.twitter.com/LbRaQAXmR3
— Best Wallet (@BestWalletHQ) May 6, 2025
Uncover Promising Early-Stage Crypto Projects With The “Upcoming Tokens” Feature
Among Best Wallet’s many features, one is gaining outsized interest from investors. That is its “Upcoming Tokens” section, which helps users discover promising projects still in the early stages.
The project’s success in identifying promising cryptos is already well established. It flagged Pepe Unchained (PEPU) and Catslap (SLAP), meme coins that delivered massive gains for early investors.
There is also an upcoming market insight feature, which will include real-time data, trending token reports, and sentiment analysis to guide traders all from within the wallet interface.
Investors can also stake BEST tokens for a huge 123% annual return. Currently, BEST tokens are priced at $0.024995.
Those interested should buy before a price hike in around 12 hours.
Check out BEST on its official website.
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