$ETH Ethereum has risen by more than 20% against the backdrop of the Pectra update.

In 24 hours, from May 8 to May 9, 2025, the price of Ethereum (ETH) increased by about 20%, surpassing the level of $2200, according to TradingView. The driver for this was the Pectra update.

According to data aggregator Investing, this is the largest daily price increase since May 2021. However, since the beginning of 2025, the asset is still trading down — 33%.

Experts say that the rise in Ethereum is due to two main factors — the undervaluation of the asset compared to Bitcoin and the large-scale Pectra update, which was deployed on the mainnet on May 7.

In particular, experts from CryptoQuant previously pointed this out. According to their data, the degree of undervaluation of Ethereum relative to Bitcoin has reached its highest level since 2019.