$ETH
ETH Surges 20%, Biggest Gain Since 2021 as Pectra Upgrade Helps Restore 'Confidence'
We're seeing a recycling of sell flow into higher-momentum plays, a shift from the caution that’s defined the last two months. While still below Q4 2024 levels, beta appetite is clearly building," Flowdesk wrote.
March Zheng, General Partner of Bizantine Capital, told CoinDesk in a message that traders should remember that Ethereum has typically been the main on-chain altcoin indicator for risk-on, and its sizable upticks generally lead to broader altcoin rallies.
Elsewhere in crypto, bitcoin (BTC) is trading above $102.5K as ETF inflow continues to be positive. In a recent note, Standard Chartered said that its second quarter target of $120,000 might be "too conservative. Other market observers consider current upside targets to be "too low."
Meanwhile, the CoinDesk 20, a measure of the performance of the largest digital assets, is up over 10%.
Read more: Breakout Alert: Ether, Bitcoin Cash-Bitcoin Ratio Break Downtrends as DOGE, SHIB Bottom Out
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Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
