💬 Why is the price of Ethereum (ETH) rising today?
🔹 Ethereum is showing its best weekly performance since May 2021 — +37.5%, with over 10% coming in the last 24 hours.
🗣️ All this is happening against the backdrop of geopolitics, network upgrades, and hedge fund activity.
🟠 Macro backdrop is positive:
A new trade deal between the US and the UK, as well as a resumption of dialogue with China, has spurred demand for risk assets. Investors are back in the game.
🟠 Pectra Update (May 7):
The Ethereum network has expanded staking limits, implemented EIP-7702, and enhanced scalability. This gives ETH a technological advantage and increases trust in the ecosystem.
🟠 Short squeeze of $437 million:
Three days — and hundreds of millions in short liquidations. Traders were forced to close positions, accelerating the rise. Open interest in futures has increased by nearly $5.5 billion — the market is anticipating a continuation of the rally.
🟠 Whales are back in action:
Wallets with >10,000 ETH are buying again. They hold 40.75 million ETH, a maximum since March. This is a bet on long-term upside.
🟠 Technical analysis favors bulls:
ETH has bounced off long-term support and is forming the lower boundary of a symmetrical triangle on the monthly chart. The potential target is $3,400.
