Recently, the cryptocurrency market has been bustling with activity, with Ethereum leading the charge. In just 72 hours, its price surged over 40%, briefly approaching $2600, far surpassing other mainstream digital currencies like Bitcoin.

The Pectra upgrade on May 7th was key to this price explosion. It raised the staking limit, optimized transaction processing, and reduced costs, making the Ethereum network more user-friendly and flexible, which injected confidence into investors. At the same time, the market experienced a 'short squeeze,' with a large number of shorts being liquidated; the total amount liquidated during these 72 hours reached $438 million, more than double that of the longs, and the short covering drove prices to soar. Additionally, the US-UK tariff agreement and the easing of trade tensions in the US-China economic dialogue have boosted market sentiment, with Bitcoin breaking $100,000, and the rebound in US stocks also contributing to Ethereum's rise.