As of May 11, 3:46 AM, the price of ETH is $2495.78, reaching a high of $2512.42 within 24 hours, with a 24-hour increase of 7.176%. The market capitalization has reached $300.93 billion, and the 24-hour trading volume is $26.6 billion.
The recent rise in Ethereum's price is mainly due to the following reasons:
- Technical Upgrade: On May 7, Ethereum successfully implemented the Pectra upgrade, introducing key improvements such as a higher staking limit and account abstraction (EIP - 7702 standard), enhancing the network's usability and flexibility, boosting investor confidence.
- Short Squeeze in Futures Market: Starting from May 8, the Ethereum futures market has experienced a "short squeeze," forcing short sellers to buy back ETH to cover their positions, driving the price up.
- Whale Accumulation: On-chain data shows that addresses holding more than 10,000 ETH, known as "whales," have been continuously accumulating since late April, with total holdings rising to 40.75 million ETH, the highest level since March 2025, indicating strong bullish sentiment.
