Ethereum’s ETH Jumps 20% Following Pectra Upgrade
Ethereum's ether (ETH) surged nearly 20% following the Pectra upgrade, its largest gain since 2021, trading above $2100. This increase aligns with a broader crypto market rally, where Bitcoin (BTC) surpassed $100,000 for the first time in three months.
The Pectra upgrade includes:
- Raising the staking limit from 32 to 2,048 ETH (EIP-7251)
- Enhancing wallet usability through account abstraction (EIP-7702)
- Implementing nine other Ethereum Improvement Proposals
Analysts note that despite the recent price increase, ETH remains down nearly 50% from its 2024 peak. Concerns about weak network activity persist, indicating a slow recovery may be expected. Flowdesk reports an overall market shift toward higher-yield altcoins as risk appetite increases.
Bitcoin is trading above $102.5K, with ongoing positive ETF inflows. Analysts from Standard Chartered suggest a second quarter target of $120,000 may be conservative.