๐ Ethereum rises 20% after the Pectra upgrade โ Is this the turning point we've been waiting for?
Ethereum surprised the market with a strong comeback!
After months of lackluster performance, the price of ETH jumped nearly 20% following the long-awaited Pectra upgrade on May 7 โ many believe this could be the true turning point for the largest blockchain network after Bitcoin.
๐ง What drove this increase?
The Pectra upgrade brought significant improvements: new tools for wallets, an increase in staking limits, and enhancements in scalability. But more importantly, open buy positions increased by 21%, indicating a return of investor confidence.
๐ In contrast, short positions worth $328 million were liquidated after the market surprised traders. ETH reached $2,230, and market sentiment changed rapidly.
๐ The bigger picture:
๐ Bitcoin broke the $100,000 barrier for the first time in 3 months
๐ ETH spot funds are still recording outflows: $16.1 million on May 8
๐ฅ Coinbase acquired Deribit for $2.9 billion
๐ค A trade deal between Trump and the UK reduced tariffs on cars and steel
๐ Historically, Ethereum records an average gain of 62% in the second quarter โ if this pattern repeats, we could see ETH at $2,950 by the end of June.
What do you think? Is this the start of Ethereum's real comeback, or just another trap?
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