- Ethereum’s price surged 20% following the Pectra upgrade, marking its largest single-day gain in four years.
- Trading volume jumped nearly 46% as the Ethereum Virtual Machine became faster and more efficient.
Ethereum price has recently seen a surge, with its price hitting $2,400 due to the highly anticipated Pectra upgrade. This new improvement on the network has helped boost investors’ confidence and show Ethereum’s decision to evolve and scale.
This 20% rise in price marks ETH’s biggest daily rise in four years. The Pectra upgrade is seen as one of the most important changes in the network since the 2022 Merge, with its new updates to make the network faster, easier to use, and better for staking.
The upgrade joins the Prague and Electra changes into one, adding 11 new features, making it the largest system change so far. This new upgrade enhances user experience and validator efficiency and has sparked renewed interest from developers and institutions.
Market Reaction to Ethereum Pectra Upgrade
As per normal in the crypto space, the market reacted quickly to the Pectra upgrade. Before the update was done, ETH was trading near $1,830, but by Friday morning, it had jumped past $2,400, marking ETH’s biggest daily rise since 2021. Trading activity also rose to almost 46% due to the increase in the use of the Ethereum Virtual Machine.
For a while, the price stayed above $1880. After staying above $1880, Ethereum began a new push, moving past $1950 and even outpacing Bitcoin in trading activity. Buyers also helped to push the price to over $2,000. After some hours, it moved beyond $2,200 to a high of $2,241.
The price is now holding gains above the 23.6% Fib level from the $1,752 low to the $2,241 top. Ethereum is trading above $2,200 and the 100-hour Simple Moving Average. And as of the time of writing, the price stands at $2,331, with a 24-hour increase of 8.4%.
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