Hold on to your hats, because Ethereum has done something truly wild – it just went up 20% in the last 24 hours! Yep, ETH is now chilling at $2,200, its highest point in two months. Someone call a medic, because this price spike just gave us all a heart attack!
It peaked at $2,234 during Friday morning trading in Asia, coming up from under $1,900 just the day before. That’s a 26% jump in the past two weeks and a 50% surge in the past month. Not bad, huh? Especially after its dramatic dive to bear market lows around $1,400. Maybe ETH has been hitting the gym? 💪
And what caused this wild ride? Oh, you know, just the *long-awaited* Pectra update going live on May 7. I mean, we’ve all been waiting for this, right? *Totally*. 🙄
Ethereum’s Best Day Since 2021 (But Who’s Counting?)
So, apparently, $280 million in short ETH positions were liquidated over the past 24 hours. According to CoinGlass, it’s the best day ETH’s had since 2021. But let’s be real – Ethereum’s had these “exciting” moments before. Remember May 2022? ETH surged 23%. And then, in November, it was up 30%. Same drama, different day.
Analysts are now dusting off their crystal balls and predicting that ETH could hit $3,700 if it keeps this momentum. Sure, sure, keep dreaming. 😂
ETHEREUM TARGET: $3’700
— MMCrypto (@MMCrypto) May 9, 2025
Meanwhile, Cas Abbé, a Web3 growth manager (he knows things), told us that Ethereum’s Pectra upgrade has been “really successful” – because we *totally* needed his confirmation on that. ETH’s annual inflation dropped from 0.7% to -0.5%, and now it’s *deflationary*. Fancy word, huh? Basically, ETH is burning like crazy. 🔥
Oh, and let’s talk about ETH burn rates. They’ve doubled since the Pectra upgrade. Guess what? This is why ETH’s price is going up. Supply is getting *burned*, which means it could actually attract more demand. Who knew? So, let’s just all go ahead and wait for ETH to hit $3K in Q2, like Cas said. No pressure, ETH.
“We all know that ETH has been underperforming this entire cycle, due to a lack of demand and increasing supply. If ETH burn increases, the supply issue will be resolved, and it will eventually attract demand too. It feels like $3K ETH in Q2 is coming.”
Ethereum’s Pectra Upgrade has been really successful.
Hours after the Pectra Upgrade, ETH annual inflation dropped from 0.7% to -0.53%.
In simple terms, ETH has turned deflationary again.
Also, daily ETH burn has doubled since Pectra Upgrade, which is the reason behind ETH’s…
— Cas Abbé (@cas_abbe) May 8, 2025
The Stablecoin and Tokenization Frenzy (aka Crypto’s Next Big Thing)
Oh, and here comes the stablecoin and tokenization gold rush! You know, the thing that’s going to bring in all the new crypto fans. Anthony Sassano, Ethereum’s self-proclaimed educator, thinks Ethereum will be at the center of it all. Stablecoins? Tokenized real-world assets? Yep, they’re all gonna love ETH. 😎
Ethereum is *the* industry standard for tokenizing assets. It’s sitting pretty with a 58% market share, with almost $7 billion on-chain. And that’s excluding stablecoins. So, yeah, Ethereum is *still* the big boss here. Even when you add in stablecoins, it’s still king with a 55% market share. The next closest is Tron at 30%. I bet they’re taking notes.
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2025-05-09 09:52