- Ethereum breaks $2K after a 5-month wedge breakout, targeting a move toward $3,840.
- Abraxas Capital accumulates 123K ETH, signaling strong institutional confidence in ETH.
- ETH reclaims $2,200–$3,900 range post-Pectra upgrade, but RSI and MACD lag confirmation.
Ethereum (ETH) is on track for its best daily gain since 2021, with price action showing strong momentum. The cryptocurrency surged past the $2,000 mark following a confirmed breakout from a five-month descending pattern, renewed whale accumulation, and the successful implementation of the “Pectra” upgrade.
Ethereum Breaks Out Amid Whale Accumulation
Ethereum confirmed a breakout from a descending broadening wedge pattern that had been forming since late 2023. According to an observation by Captain Faibik via X, this breakout marks the end of a five-month consolidation phase.
He stated that ETH is now on course for a move toward $3,840. Supporting this movement, blockchain analytics firm Lookonchain reported that Abraxas Capital accumulated 123,000 ETH in a series of transactions totaling $227 million.
These assets were moved from exchanges to private wallets, signaling long-term holding strategies. In addition, a whale opened a $8.58 million USDC long position at $1,930.41 on Hyperliquid, earning a large unrealized profit as ETH rose.
Price Surges After Pectra Upgrade and Macro Market Shift
The surge also follows the successful deployment of Ethereum’s “Pectra” upgrade, which introduced improved staking mechanics and network performance. One feature includes raising the maximum stake from 32 ETH to 2,048 ETH, a change aimed at improving efficiency.
Ethereum has gained over 12% in the past 24 hours and nearly 34% over the past month. According to analysis prepared by Rekt Capital via X, ETH has reclaimed its $2,200–$3,900 macro range. He noted that any retest of $2,200 could lead to bullish price outcomes over time.
ETH/BTC also bounced after reaching the 0.017 BTC support level. However, analysts warn that the RSI and MACD have yet to fully confirm a bullish trend reversal, and longer-term resistance remains intact.
