🟣 Ethereum $ETH surpasses $2,500 supported by the "Petra" upgrade and increased investor interest

The Ethereum $ETH cryptocurrency witnessed a significant rise today, reaching a price of $2,507.47, marking a 40% increase over the past week. This rise came after breaking through key resistance levels, including the 50, 100, and 200-day exponential moving averages, indicating renewed bullish momentum and investor interest.

The "Petra" upgrade that took place on May 7 contributed to this momentum, as it led to the removal of approximately 38,000 ETH from circulation, increasing inflationary pressure and attracting institutional investment interest.

Additionally, one of the major Ethereum holders withdrew 1,687 ETH from the Gate.io platform, raising their total holdings to over 50,000$ETH , signaling increased confidence among large investors.

With these developments, some analysts expect the price of Ethereum to reach $10,000 in the near future, supported by the current momentum and increased institutional activity.