On May 11, 2023, the cryptocurrency market experienced a significant event. According to OKX data, the price of ETH successfully broke through $2500, reported at $2504.84 per coin, with a daily increase of 2.95%. The market report from CoinWorld indicated a staggering 24-hour increase of 7.176%. This breakthrough instantly ignited market enthusiasm and attracted the attention of numerous investors.

The recent surge in ETH is the result of multiple factors working together. The global focus on decentralized finance (DeFi) and the non-fungible token (NFT) market continues to rise, prompting a reevaluation of Ethereum's value, with a substantial influx of capital into the related ecosystem driving increased demand for ETH. Additionally, Bitcoin's strong price breakout has boosted overall risk appetite in the cryptocurrency market, propelling ETH, the second-largest cryptocurrency, upwards as well. Although the blockchain data platform Santiment pointed out that Ethereum's social sentiment is at a new low for the year, some investors see this as an opportunity for a rebound. If ETH can stabilize above $2500 in the subsequent trading sessions, the market generally expects it to attempt a surge toward $2600, further expanding upward potential and creating more opportunities for investors.