En Masse Entertainment just announced that TERA Rising is getting a level cap expansion later this year, along with a new continent and more. Developer Bluehole Studio made the announcement and the Korean content update should release late July. As for North American players, the update is expected before the end of 2014, but this is just an estimate.
Along with the level cap increase to level 65, something that will bring new skills and glyphs, TERA will also see the opening of the Northern Arun continent, which will host the fourth largest city. Other additions are new instance dungeons including a competitive instance, system changes such as quest guide, crystal & artifact combination, enchanting system improvements and guild competition for seasonal guild housing.