Cryptonews - The value of Ethereum (Ethereum-ETH) gained nearly an additional 5% over the last 24 hours, currently trading at $2,655, with trading volumes increasing by 56%, representing over 11% of its circulating supply. This comes as Bitcoin (Bitcoin-BTC) reached new highs and most other cryptocurrencies soared, making Ethereum the best-performing of the top five digital currencies over the past month, providing gains exceeding 63.1% and stimulating the Pectra update for its strong launch.
#Ethereum to $3K is closer than we think!
$ETH #ETHUSDT https://t.co/UjM9JZzbA0 pic.twitter.com/Tx99hzXbcm
— Anup Dhungana (@CryptoAnup) May 22, 2025
The Pectra update has introduced numerous changes to Ethereum's blockchain infrastructure, including an increase in the data units (Blobs) that can be added to each Ethereum transaction block. These units are utilized by layer two solutions - such as Arbitrum - to settle transactions more quickly and at lower fees through the Ethereum Virtual Machine (EVM). This update may also make Ethereum a deflationary currency due to its effect of burning a portion of the gas fees.
In summary, this new update will significantly enhance Ethereum's blockchain competitiveness, giving its price promising prospects at a time when competing smart contract platforms - such as Solana (SOL) and Sui (SUI) - threaten to capture part of its share in the decentralized finance (DeFi) market.
Price predictions for Ethereum as it breaks through the bullish flag pattern.
The chart shows the daily performance of Ethereum's price, indicating its success in breaking through the upper limit of the flag pattern, which may allow the leading altcoin to achieve strong imminent gains, especially since its recent launch was accompanied by trading volumes exceeding the average. However, the 21-day Exponential Moving Average (EMA-21) seems to be on the verge of crossing above its 200-day counterpart (EMA-200). Notably, the last time this crossover occurred, the price of ETH surged by 26%, approaching $4,000.
