Ethereum (ETH) rose 8% in the past 24 hours, reaching $2,702, amidst increased activity in the altcoin market.
Pectra Upgrade Enhances Network Capabilities
The Ethereum network activated the Pectra upgrade, introducing changes aimed at improving transaction speed and reducing costs. These adjustments position Ethereum to better compete with other blockchain platforms, particularly those that prioritize high throughput.
Lower Inflation Spurs Crypto Demand
U.S. inflation data released showed a 2.3% annual decline, easing concerns about aggressive monetary tightening. This environment has made cryptocurrencies like Ethereum increasingly attractive as alternative investments.
Technical and Fundamental Analysis of Ethereum
Despite its recent gains, ETH is still down 19.59% year-to-date. Technical signals indicate that after clearing resistance at $2,500, Ethereum is targeting the $2,900–$3,000 range, buoyed by increased trading volume and institutional interest.
The developments within the Ethereum network and the current economic conditions support a positive outlook for ETH. The bullish momentum is expected to continue as institutional interest grows and platform functionality improves.
