The recent Ethereum price has surged significantly, rising over 40% within 72 hours, with prices approaching $2600 at one point. This is mainly due to two factors: first, the successful implementation of the Pectra upgrade on May 7, which introduced key improvements such as high staking limits and account abstraction, enhancing network usability and flexibility; second, the short squeeze market, where massive short positions were liquidated starting May 8, driving up the coin price.