Ethereum price dropped roughly 25% since April 2 due to an overall market crash following Trump’s tariffs implementation.
Compared to the almost 40% drop back in February after the first tariff announcement, this time the correction wasn’t as harsh or brutal.
So what can we expect next from Ethereum in the coming weeks?
The main hope for ETH price remains the upcoming Pectra upgrade.
Historically, major Ethereum upgrades have acted as bullish catalysts — for example, ETH roughly doubled in price ahead of both the Merge and the Shanghai upgrade.
If history rhymes, we could see a similar pre-upgrade pump this time too.
However, even if that rally materializes, I expect it to be limited to the $3,000–$3,400 range. The market lacks the kind of momentum or macro tailwinds needed to push ETH beyond 4k in this cycle — unless there’s a major shift in sentiment.
Overall, I remain cautious. The broader crypto market seems to be rolling over, and Ethereum hasn't even reclaimed its ATH.
With the next bear cycle approaching, long-term bullish targets might need to be revised — at least for now.
Short-term bounce possible thanks to Pectra hype, but don’t expect miracles. ETH likely capped below 3.4k unless something big changes.
Compared to the almost 40% drop back in February after the first tariff announcement, this time the correction wasn’t as harsh or brutal.
So what can we expect next from Ethereum in the coming weeks?
The main hope for ETH price remains the upcoming Pectra upgrade.
Historically, major Ethereum upgrades have acted as bullish catalysts — for example, ETH roughly doubled in price ahead of both the Merge and the Shanghai upgrade.
If history rhymes, we could see a similar pre-upgrade pump this time too.
However, even if that rally materializes, I expect it to be limited to the $3,000–$3,400 range. The market lacks the kind of momentum or macro tailwinds needed to push ETH beyond 4k in this cycle — unless there’s a major shift in sentiment.
Overall, I remain cautious. The broader crypto market seems to be rolling over, and Ethereum hasn't even reclaimed its ATH.
With the next bear cycle approaching, long-term bullish targets might need to be revised — at least for now.
Short-term bounce possible thanks to Pectra hype, but don’t expect miracles. ETH likely capped below 3.4k unless something big changes.
Note
Ethereum price almost dropped to the support area at $1330 but has since recovered and is currently trading around the $1600 level. This rebound indicates some buying interest at lower levels, but overall, ETH remains under pressure.There might be a recovery soon, but for Ethereum to make a sustained move upwards, Bitcoin needs to lead the way. Historically, ETH tends to follow BTC's trend, and without a broader market push led by Bitcoin, Ethereum is likely to remain in a bearish phase.
The upcoming Pectra upgrade, still scheduled for May 7, could serve as a potential catalyst for a recovery. This upgrade is expected to bring significant improvements to the network, and anticipation around it might fuel investor interest. However, even a strong narrative like Pectra may not be enough to trigger a major rally unless the overall crypto market sentiment improves, starting with Bitcoin.
In the short term, traders should watch key support and resistance levels closely. If ETH can hold above $1600 and BTC begins to climb, a breakout could follow. Until then, caution remains warranted.
Note
Ethereum price standstill during the week and this might be both positive and negative.On the positive side, ETH price is making higher highs and recovering fast after each drop, which indicates strong buying interest and market confidence.
The steady formation of support levels suggests that bulls are gradually regaining control, and the price structure is slowly leaning towards an uptrend.
On the negative side, ETH price is unable to break the 1680 resistance at the moment, and this is a crucial barrier in the short term.
The longer ETH consolidates below this level, the higher the risk of a potential pullback, especially if broader market sentiment turns bearish. A failure to reclaim this level could trigger a wave of short-term selling pressure.
If Ethereum manages to build enough momentum and break above 1680 ahead of the upgrade, it could signal a continuation of the bullish trend.
However, if price remains stagnant or dips lower, it might reflect uncertainty or hesitation among investors.
We have to wait and see if Ethereum price will manage to recover before the Pectra upgrade, as this could set the tone for its medium-term direction.
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✅ FYBIT exchange. I recommend. No KYC, available in all countries. fybit.com/Account/Register/OMNP5
🔥 My Twitter - x.com/Real_CryptoRoy
▶️ Telegram - t.me/Real_CryptoRoy
🔥 My Twitter - x.com/Real_CryptoRoy
▶️ Telegram - t.me/Real_CryptoRoy
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.