Ethereum has been making waves in the market. Trading at $2,542.28, it has surged 8.58% in the last 24 hours. Despite a slight decline in trading volume by almost 20%, the overall market sentiment is strong. Over the past week, Ethereum saw a remarkable rise of 38.44%, pushing its price above the $2,500 mark.
Crypto analyst VipRoseTr has noted that the $2,800 level is now a key resistance point for ETH. Historically, this price range has proven challenging for Ethereum to break through. However, if ETH closes above $2,800 on a weekly basis, a significant breakout could follow, possibly paving the way for even higher price levels in the coming weeks.
ETH price is rising with strong momentum
Looking to the future, experts remain optimistic about Ethereum’s price. Crypto analysts have set a target for Ethereum to reach $5,525.46 by the end of 2025. To achieve this, Ethereum first needs to surpass its previous all-time high of $4,891.70, but momentum is building. With its current price rally, ETH is clearly on an upward trajectory.
Many investors believe that ETH could comfortably trade between $5,043 and $5,525 once it breaks the $4,891.70 mark. As the price continues to climb and trading volumes increase, Ethereum seems poised for another major leap. The cryptocurrency has shown its potential in the past, and it looks ready to take on new challenges in the near future.
Ethereum launches major Pectra ugrade
On May 7, Ethereum introduced its largest upgrade since the Merge: Pectra. This update includes 11 new Ethereum Improvement Proposals (EIPs) aimed at enhancing the network’s performance. The changes include smarter wallets, fewer transaction clicks, and cheaper Layer-2 scaling. One key feature is the upgrade to ETH staking, allowing validators to hold up to 2048 ETH.
Avail co-founder Anurag Arjun perceives Pectra as a significant change within Ethereum’s ecosystem. The update adds more blobs per block, enabling ETH to scale better, especially with rollups. As data availability demand increases, Ethereum’s infrastructure is more important, and Arjun feels that Pectra will serve to fulfill that demand.
Pectra is already looking excellent at an early point. The growing number of blobs per block is making ETH more effective, and the extra demand for fees on blobs is burning even more ETH. Ethereum has even seen temporary moments of being deflationary, indicative of improvement. Despite speculation about supposed bugs, the update seems to be doing what it is intended and is bringing ETH back into favor in the marketplace.
