Ether has surged by 20% in the last 24 hours after the launch of the Pectra upgrade, indicating a potential turning point for the asset. Currently trading at $2,230, up 19.6% in the past day, Ether's price spike is attributed to an increase in long positions. The Pectra Upgrade, introduced on May 7, brought new wallet features, higher staking limits, and scalability enhancements to Ethereum. The surge in Ether's price has led to a spike in Open Interest by 21%. Despite a challenging year for Ether's price, the recent rally aligns with Bitcoin's gains, reclaiming the $100,000 mark. Factors contributing to Ether's surge include the US trade deal with the UK and Coinbase's acquisition of Deribit. While historical data suggests a potential price target of $2,950 by June, spot Ether ETFs have not yet shown the same momentum, with outflows recorded on May 8. Read more AI-generated news on: https://app.chaingpt.org/news

#BTC #ETF