#ETHCrossed2500

$ETH As of Sunday, May 11, 2025, Ethereum (ETH) is experiencing a significant rally, marking one of its strongest weekly performances in recent years.

Over the past week, Ethereum has surged by nearly 30%, rebounding from a low of approximately $1,800. This upward momentum is attributed to a breakout above a multi-month descending trendline, indicating a potential shift in market sentiment .

The recent price action has also led to substantial liquidations of short positions, with over $400 million in ETH shorts being liquidated, suggesting that many traders were caught off guard by the rapid ascent .

Looking ahead, analysts are closely watching the $2,400 resistance level. A decisive close above this threshold could open the path toward the $2,520–$2,550 range, aligning with key Fibonacci retracement levels .

In addition to price movements, Ethereum's network is preparing for the upcoming "Pectra" upgrade, the most significant code change since the Merge. This upgrade aims to enhance user experience and network efficiency, potentially further boosting investor confidence .