Ethereum (ETH) has experienced a remarkable 42% increase over the past seven days, reaching approximately $2,599.38. This surge is attributed to a combination of technological advancements, significant institutional investments, and shifting market dynamics.

Key Factors Driving Ethereum's Rally:

  • Pectra Upgrade Implementation:

    • Ethereum's recent Pectra upgrade, the most substantial since 2022, has enhanced user experience and scalability, bolstering investor confidence.

  • Institutional Investment Surge:

    • London-based Abraxas Capital acquired 242,652 ETH, valued at approximately $561 million, over the past week, signaling strong institutional interest.

  • Improved Market Sentiment:

    • Progress in U.S.-China trade talks has led to a broader market rally, increasing appetite for risk assets like cryptocurrencies.

  • Technical Indicators:

    • Analysts identify $3,100 as a key resistance level and $2,233 as major support, suggesting potential for further price movement.

Market Snapshot:

  • Ethereum (ETH): $2,599.38 (+42% over 7 days)

  • Bitcoin (BTC): $104,078.03 (+7.3% over 7 days)

  • XRP: $2.61 (+22.2% over 7 days)

#Ethereum #CryptoRally #PectraUpgrade

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📢Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your research before making investment decisions.