#CryptoComeback Ethereum (ETH) has experienced a significant surge, breaking past the $2,200 mark. This rally, with a 20% increase in the last 24 hours, is fueled by several factors, most notably the successful activation of the Pectra upgrade on May 7th.

The Pectra upgrade is considered Ethereum's most substantial protocol update since the Merge in 2022. It incorporates 11 Ethereum Improvement Proposals (EIPs) aimed at enhancing the network's scalability, security, and usability. Key features include account abstraction (EIP-7702), which allows externally owned accounts to temporarily function like smart contracts, enabling transaction batching and non-ETH gas fee payments. Additionally, EIP-7251 raises the validator cap, potentially reducing the circulating supply. The upgrade also increases the capacity for "blobs" per block, improving Layer-2 scalability.

Analysts believe the Pectra upgrade has significantly boosted investor confidence in Ethereum. This positive sentiment is further supported by broader market optimism stemming from a recently announced trade agreement between the U.S. and the U.K. Increased institutional interest is also evident, with a rise in Total Value Locked and notable purchases by investment firms.

Technically, Ethereum has broken out of a six-month downtrend, with analysts suggesting potential further upside towards the $3,000 mark if it can overcome resistance levels around $2,250 and the 100-day moving average near $2,100. On-chain data indicates strong accumulation of ETH by investors.

Bitget Wallet has already introduced a new detection feature for EIP-7702, allowing users to manage this new functionality for enhanced safety.

Overall, the successful Pectra upgrade, coupled with positive market developments, has triggered a strong rally for Ethereum, with many anticipating further gains in the near term.