Ethereum (ETH) Experienced Its Biggest Rise Since May 2021 After Pectra Update! Will the Rally Continue? Here Are the Details

Ethereum (ETH) surged 20% to above $2,200 on Thursday evening (ET), recording its biggest daily gain since May 2021 following the successful activation of the long-awaited Pectra update. Ethereum Surges 20% After Pectra Update, Its Biggest Daily Gain Since 2021 This rise was catalyzed by technical and macroeconomic developments, along with renewed investor optimism and a “risk-taking” atmosphere in crypto markets. “After lagging behind BTC for most of the year, ETH is finally catching up,” said Min Jung, research analyst at Presto Research. “The recent Pectra upgrade has helped restore some confidence, and with ETH/BTC down close to 40% since the start of the year to $0.02, it’s no surprise that buyers are stepping in at these levels,” he said. Pectra: Ethereum’s Most Significant Upgrade Since Merge The Pectra update, which was activated on Tuesday, represents Ethereum’s most significant technical advancement since the 2022 Merge, which transitioned the network to Proof-of-Stake. Pectra brings improvements in staking efficiency, validator management, and Layer 2 scalability. Analysts believe these improvements could reduce congestion and increase network availability. This is especially important as Ethereum competes with faster chains in the DeFi and NFT sectors. “Alongside positive macroeconomic news, traders believe the crypto industry is finally catching a second wind as a hedge against market uncertainty. Investors are changing their outlook on crypto as altcoins find buying pressure on renewed risk appetite and breakout from downtrend,” said Nick Ruck, director at LVRG Research. Analysts attribute some of the market momentum to the resumption of U.S.-China trade talks, which Treasury Secretary Scott Bessent is expected to meet with Chinese officials in Switzerland. The talks have led to increased risk appetite in global markets, including stocks and crypto. Ethereum’s resurgence could be a turning point after months of underperformance relative to Bitcoin. With its technical foundation strengthening with Pectra and macro tailwinds shifting, traders are watching closely to see if this is the start of a broader altcoin revival. *This is not investment advice. Continue Reading: Ethereum (ETH) Experienced Its Biggest Rise Since May 2021 After Pectra Update! Will the Rally Continue? Here Are the Details

Source: BitcoinSistemi