- Ethereum rises over 28% following the Pectra network upgrade and recent international trade developments.
- The network’s update aims to boost user experience, scalability, and staking flexibility.
- The wider crypto market sees gains, yet Ethereum spot ETFs experience ongoing outflows.
Ethereum saw its price climb 28.9% from $1,939 to more than $2,400 on Friday morning, following the launch of the Pectra upgrade. The update was described by the network’s core developers as the “most ambitious upgrade” ever for Ethereum.
According to CoinGecko data, Ethereum is currently trading at $2,339, showing a 20.4% increase in value for the day. The Pectra upgrade, introduced on Wednesday, marks the third major change to Ethereum since The Merge in 2022—when the network switched from a proof-of-work to a proof-of-stake system. The Pectra update focuses on improving user experience, network scalability, and staking flexibility by introducing features like account abstraction, new data storage requirements, and higher, more flexible validator staking limits.
In the three months leading up to the upgrade, Ethereum’s price had dropped 33.3%, falling from $2,727 to $1,818. This decline took place amid wider economic uncertainty, impacted by U.S. President Donald Trump’s trade war and rising geopolitical tensions.
After President Trump signed a trade deal with UK Prime Minister Keir Starmer on Thursday, the market began to rebound, with Bitcoin surpassing $100,000. This was followed by Ethereum regaining the $2,000 mark and reaching $2,400, a level last seen in early March. UK Treasury minister Darren Jones described the new trade agreement as a “huge relief.” Analysts believe markets may be hopeful that trade war tensions are starting to ease.
Despite Ethereum’s price increase, CoinGlass reports that U.S. spot Ethereum ETFs have experienced three consecutive days of outflows, with the most recent inflow occurring a week prior.
Data from CoinGecko shows the overall crypto market up 3.5%, with a total market cap of $3.37 trillion. Among the top 100 tokens, the largest gains have been made by Ethereum-based projects. meme coin PEPE rose 43.3% in 24 hours, while AI-related project VIRTUAL increased by 24.3%, and decentralized exchange Uniswap” target=”_blank”>Uniswap (UNI) was up 21.5%.
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