The Pectra Upgrade on Ethereum has triggered a massive price rally for the top coin with ETH printing over 26% in the past 7 days amid investor hype.
Ethereum (ETH) recently carried out one of the most important upgrades on the blockchain with Pectra going live on the mainnet. This milestone development has positively impacted ETH’s price in the broader cryptocurrency market.
ETH/BTC Ratio Signals Rebound Opportunity
According to data from investing.com, Ethereum’s price surged 20% following the upgrade as sentiments turned positive. This marks the highest single-day gain for Ethereum since May 2021.
Notably, the Pectra upgrade has been in the works for some time, and finally going live has helped rekindle the confidence of community members. The Pectra upgrade will enable layer scalability and improve validator operation and staking efficiency.
Other benefits of the Pectra upgrade include wallet efficiency, better historical data access, and a more efficient network.
These positives likely triggered a surge in price as users look forward to better network optimization.
Meanwhile, with the upgrade coinciding with Ethereum’s underperformance against Bitcoin, investors see this as an opportunity worth grabbing. According to data, the ETH/BTC year-to-date ratio is down 0.02, representing an approximately 40% decline.
Market participants consider this a bullish signal as historical trends suggest that the price of ETH soars whenever Ethereum reaches such a level relative to Bitcoin.
Hence, the current bullish breakout for ETH might have been triggered by the combination of the Pectra upgrade and the ETH/BTC ratio.
Ethereum: Analysts Eye $4,500–$6,000 Targets
As of this writing, Ethereum is trading at $2,346.12, representing a 19.99% increase in the last 24 hours. This is despite a momentary dip to a low of $1,956.31 within the same timeframe.
However, the coin recovered well and has seen massive engagement from investors, with trading volume soaring by 161.62% to $54.22 billion within the same period.
It appears the leading altcoin is now on a bull run, matching Bitcoin’s growth in the broader crypto market.
Ethereum’s current momentum has gained the attention of analysts who have dropped predictions on the coin’s possible target. While the price ranges from $4,500 to $6,000, the fact remains that ETH would need to sustain momentum and stay consistent to avoid slipping below $2,000 again.
Perhaps with the Pectra, the ecosystem could manage to support ETH’s upward journey.
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