ETH Surges 4% as DeFi TVL Hits $75B, Gas Fees Drop After Pectra Upgrade

Ethereum is currently trading at $2,570.96 on Binance, reflecting a 4.07% increase over the past 24 hours with a 24-hour opening price of $2,470.37 and robust trading volume. The recent price increase can be attributed to record-high USDC usage on Ethereum, a significant rise in total value locked in Ethereum DeFi (up 50% month-on-month to $75 billion), and notably lower ETH gas fees, which have reached a six-month low. The recent Pectra upgrade has also contributed to improved network efficiency and lower transaction costs, supporting positive sentiment. Despite some selling pressure from large holders and over $2 billion in crypto liquidations in the broader market, Ethereum’s price has remained resilient, with increased trading activity and renewed investor interest driving the latest upward movement.