As of early Sunday, May 11, 2025, Ethereum (ETH) is trading at approximately $2,506.66, marking a significant 7.29% increase over the previous 24 hours. This surge contributes to a remarkable 36% gain over the past week, positioning ETH for its best weekly performance since May 2021.
Key Factors Driving Ethereum's Rally:
1. Pectra Network Upgrade: Ethereum's recent Pectra upgrade has enhanced the network by introducing features like smart accounts, increased staking limits, and improved scalability. These advancements have bolstered investor confidence and contributed to the price surge.
2. Institutional Accumulation: Significant purchases by large investors, notably Abraxas Capital's withdrawal of $297 million worth of ETH from exchanges, indicate strong institutional interest and a bullish market sentiment.
3. Positive Market Sentiment: Optimism surrounding global trade developments, including the U.S.-U.K. trade agreement and anticipated U.S.-China trade talks, has uplifted broader market sentiment, benefiting cryptocurrencies like Ethereum.
Looking Ahead:
Analysts are closely watching Ethereum's momentum, with some suggesting the potential for ETH to test the $3,000 resistance level if current trends continue.