The price of Ethereum records its best daily performance since 2021
The price of Ethereum has recorded its best daily performance since 2021, after rising by nearly 20% in the past 24 hours, reaching a price of $2234 this Friday morning, up from less than $1900 on Thursday.
With this performance, Ethereum has regained levels it has not seen in two months, increasing its weekly gains to 26% and achieving a jump of over 50% in the last month, after previously declining to its lowest levels at around $1400.
This rise coincided with the launch of the “Pectra” update on the main network on May 7, which gave a strong boost to investor confidence.
According to the “CoinGlass” platform, over $280 million in short positions on Ethereum were liquidated in one day, indicating the strength of the upward momentum.
The “Bankless” platform described this day as the best for Ethereum since 2021.
Despite this remarkable performance, it is not an absolute precedent, as Ethereum has witnessed several similar upward waves over the past year, most notably a rise of 23% between May 20 and May 22, and a rise of about 30% between November 6 and November 10.
Nevertheless, analysts believe that the recent recovery could establish a more sustainable upward trend.
Analyst “MMCrypto” pointed to the possibility of Ethereum reaching $3700 if the asset returns to the peak of the current technical pattern.
