The growth of Ethereum is driven by two main factors — the undervaluation of the asset compared to Bitcoin and the large-scale Pectra update, which was deployed in the mainnet on May 7.

This was previously pointed out by experts at CryptoQuant. According to their data, the degree of Ethereum's undervaluation relative to Bitcoin has reached its highest level since 2019. The growth of Ethereum was also predicted earlier by BitMEX co-founder Arthur Hayes. He noted that there is a lot of hate surrounding this asset, which could turn into demand given a positive momentum.