{"id":25917,"date":"2025-05-09T02:46:50","date_gmt":"2025-05-09T02:46:50","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=25917"},"modified":"2025-05-09T02:46:50","modified_gmt":"2025-05-09T02:46:50","slug":"eth-surges-20-biggest-gain-since-2021-as-pectra-upgrade-helps-restore-confidence","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=25917","title":{"rendered":"ETH Surges 20%, Biggest Gain Since 2021 as Pectra Upgrade Helps Restore ‘Confidence’"},"content":{"rendered":"
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Ethereum’s ether ETH led the market in early Asia hours as traders reacted favorably to the protocol’s recent Pectra upgrade, sending the token up nearly 20%, the biggest gain since 2021, and trading above $2100 according to market data from CoinDesk<\/a>.<\/p>\n<\/p>\n

\"(CoinDesk)\"<\/p>\n

The move comes amid a broader crypto market rally that coincided with bitcoin BTC soaring past $100,000<\/a> for the first time in three months. <\/p>\n

Ethereum\u2019s Pectra upgrade, its most substantial overhaul since the 2022 Merge, represents a sweeping protocol hard fork, as CoinDesk previously reported<\/a>.<\/p>\n

The upgrade consolidates validator operations by raising the staking limit from 32 to 2,048 ETH (via EIP-7251), advances wallet usability through account abstraction mechanisms allowing temporary smart contract functionality (via EIP-7702), and implements nine other Ethereum Improvement Proposals.<\/p>\n

“ETH is finally catching up after lagging behind BBTC for most of the year. While BTC is nearing its all-time high, ETH is still down nearly 50% from its 2024 peak,” Ming Jung from Presto Research wrote to CoinDesk in a note.<\/p>\n

The Pectra upgrade, Jung said, “helped restore some confidence, and with ETHBTC down nearly 40% year-to-date at 0.02, it’s not surprising to see buyers stepping in at these levels.”<\/p>\n

In a recent research report, CryptoQuant wrote<\/a> that weak network activity on the Ethereum blockchain, which hasn’t grown since 2021, suggests that a recovery to prior highs isn’t imminent despite the rally.<\/p>\n

In a market update, Flowdesk wrote that they see the crypto market broadly regaining momentum, with bitcoin passing $100K and a return to risk appetite, with investors shifting from caution to chasing higher-yield altcoins and structured products.<\/p>\n

“We’re seeing a recycling of sell flow into higher-momentum plays, a shift from the caution that\u2019s defined the last two months. While still below Q4 2024 levels, beta appetite is clearly building,” Flowdesk wrote.<\/p>\n

March Zheng, General Partner of Bizantine Capital, told CoinDesk in a message that traders should remember that Ethereum has typically been the main on-chain altcoin indicator for risk-on, and its sizable upticks generally lead to broader altcoin rallies.<\/p>\n

Elsewhere in crypto, bitcoin (BTC) is trading above $102.5K as ETF inflow<\/a> continues to be positive. In a recent note, Standard Chartered said<\/a> that its second quarter target of $120,000 might be “too conservative. Other market observers<\/a> consider current upside targets to be “too low.”<\/p>\n

Meanwhile, the CoinDesk 20, a measure of the performance of the largest digital assets, is up over 10%.<\/p>\n

Read more: Breakout Alert: Ether, Bitcoin Cash-Bitcoin Ratio Break Downtrends as DOGE, SHIB Bottom Out<\/a><\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Ethereum’s ether ETH led the market in early Asia hours as traders reacted favorably to the protocol’s recent Pectra upgrade, sending the token up nearly 20%, the biggest gain since 2021, and trading above $2100 according to market data from CoinDesk. The move comes amid a broader crypto market rally that coincided with bitcoin BTC […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-25917","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/25917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25917"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/25917\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}