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Ethereum (ETH) Soars Above $2000; What’s Next?
By: cryptonews|2025/05/09 07:30:04
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While Bitcoin (BTC) is gradually heading towards the $100,000 mark, the second biggest cryptocurrency, Ethereum (ETH), is proving its correlation. According to CoinMarketCap, the cryptocurrency has broken the crucial support at $2000 with a hike of 13.24%. The spike comes after Ethereum successfully deployed the Pectra Upgrade, which is expected to make Ethereum faster, cheaper, and easier to use while maintaining the network’s security and decentralization that users have come to trust. According to experts, this breakout is mainly fueled by institutional ETF inflows and heavy accumulation by whales. ETH has outperformed most of the other top 10 coins in terms of percentage gain over the last 24 hours, second only to Dogecoin and Cardano. The $2,000 mark is a major resistance level for ETH, which has been tested multiple times without a sustained breakout. According to some experts, a daily close above $2,000 could trigger a bullish continuation pattern. This pattern could open a room for additional gains toward the $2,150 and $2,300 zones. If rejected again, ETH could pull back to support at a price of nearly $1,850, where buying pressure has previously emerged. What is Ethereum’s Pectra Upgrade? Pectra upgrade is the new upgrade on the Ethereum network. It aims to make Ethereum faster, more affordable, and easier to use. It is a combination of the two major ones. It merges the Prague execution layer and the Electra consensus layer into a single overhaul. It delivers 11 Ethereum Improvement Proposals (EIPs). After more than a year and a half of development, the update officially went live on May 7, 2025. Why Crypto Market Going Up? The crypto market saw a strong rise on Thursday as Bitcoin crossed $100,000 mark and the total market cap hit $3 trillion. The jump came after US President Donald Trump announced a “major trade deal” with a top country on his Truth Social platform. The news boosted confidence in global markets, especially in Asia, where stocks also traded higher. Amid a war-like situation between India and Pakistan, the Asian stock market is crashing dramatically. However, the cryptocurrency market is getting Investors saw this as a sign that trade tensions might ease, helping the economy. The positive sentiment spilled into crypto, which helped the sector surge. Many traders betting against the market (called short positions) were forced to exit, causing $291 million in liquidations.
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