Ethereum Breaks Out After Pectra Upgrade — Is a Bigger Rally Brewing?

After months of sluggish performance, the second-largest cryptocurrency posted weekly gains above 30%, reclaiming key price levels and setting off a wave of liquidations across the market.

Market veteran Peter Brandt has taken notice. In his latest technical review, he points to a long-brewing bullish formation — an ascending triangle — that stretches back several years. According to Brandt, Ethereum may be approaching a critical breakout moment, potentially triggering what he called a “moon shot” scenario.

The trendline in question connects Ethereum’s 2020 bottom to its 2025 low, creating a rising base that now meets significant overhead resistance. Price action above $2,150 has helped strengthen the bullish case, especially as ETH pushes past $2,400 — its highest level in over three months.

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Momentum indicators are also leaning in the bulls’ favor. Key moving averages are converging, and while trend strength (measured by ADX) remains moderate, the technical setup looks increasingly favorable.

The rapid price increase, triggered in part by the recent Pectra network upgrade, has resulted in over $400 million in short liquidations. However, ETF flows paint a more cautious picture. U.S.-listed Ether funds have seen three straight days of outflows, suggesting that institutional capital hasn’t fully joined the party.

Still, with Ethereum breaking out of a ten-week slump and outperforming Bitcoin, traders are watching closely. If ETH holds above support and continues climbing, the next leg up could come faster than expected.