$ETH Ethereum is currently trading around $2,350, showing significant upward momentum following the recent Pectra upgrade on May 7th. This upgrade, aimed at enhancing staking efficiency and user experience, appears to be a key driver behind the over 20% surge in the past 24 hours.

Increased institutional interest, evidenced by rising Total Value Locked in Ethereum and decreasing exchange reserves, further supports this bullish trend. While some retail investors seem to be moving ETH to exchanges, larger investors are accumulating, suggesting a divergence in sentiment.

Positive macroeconomic factors, such as the US-UK trade agreement, contribute to overall market optimism, benefiting Ethereum alongside other cryptocurrencies. Technical analysis indicates a potential move towards the $3,000 mark if resistance levels around $2,250-$2,330 are broken. However, some analysts suggest the current rally might be a relief within a longer-term bearish correction.