#ETH突破2500 Ethereum successfully implemented the Pectra upgrade on May 7, introducing key improvements such as a higher staking cap and account abstraction (EIP-7702 standard), enhancing network efficiency and user experience. This upgrade is seen by the market as a long-term positive, driving the ETH price to surge by 20% within 24 hours, becoming the core technical driver of the recent upward trend. Addresses holding over 10,000 ETH, referred to as 'whales,' have been continuously increasing their holdings since late April, reaching the highest level since March 2025. Data from Glassnode shows that the net position of such addresses has turned positive, indicating increased confidence from large funds in the future market. Since May 8, a large-scale short covering has occurred in the Ethereum futures market, with a liquidation amount of $437.94 million, far exceeding the long liquidation amount ($211.29 million). The rapid price increase forced shorts to cover, creating a 'short squeeze' that further pushed the ETH price to the $2,600 mark. A bullish crossover appeared on the daily chart, and the 4-hour chart shows continued strengthening momentum. After breaking through $2,550 (61.8% retracement level), the target is set for $2,700, or even above $3,000. The ongoing upgrades to the Ethereum network in 2025, the increase in staking rates leading to supply tightening, and the potential approval of a spot ETF (current market expectation probability 77%) may drive the price to new highs.