Ethereum ($ETH ), the second-largest cryptocurrency, surged past the $2600 mark, reaching its highest level in recent months. According to CoinDesk, the price of ETH increased by 20% in one day, reaching $2584, thanks to the successful Pectra update and significant institutional investments. The Pectra update, which raised the staking limit to 2048 ETH and enhanced the functionality of smart contracts, has been described by developers as the most ambitious in the network's history.
Institutional interest also fuels growth. According to CoinShares, spot Ethereum ETFs in the US attracted $157.1 million over the week, ending an eight-week streak of capital outflows. Analysts, including Ted Pillows, forecast further growth to $12,000 by 2025, citing DeFi dominance and network scalability. However, CryptoQuant warns of weak network activity that could hinder a recovery to previous highs.
Ethereum confirms its role as the leader of altcoins, with increasing trading volumes and investor interest signaling a potential broader rally in the market.