💬 Why is the price of Ethereum (ETH) rising today?
🔹 Ethereum is showing its best weekly performance since May 2021 — +37.5%, of which more than 10% came in the last 24 hours.
🗣️ All this is against the backdrop of geopolitics, network upgrades, and hedge fund activity.
🟠 Macro background is positive:
A new trade deal between the USA and the UK, as well as the resumption of dialogue with China, has spurred demand for risk assets. Investors are back in the game.
🟠 Pectra update (May 7):
The Ethereum network has expanded staking limits, implemented EIP-7702, and improved scalability. This gives ETH a technological advantage and increases trust in the ecosystem.
🟠 Short squeeze at $437 million:
Three days— and hundreds of millions in liquidations on shorts. Traders were forced to close positions, accelerating the rise. Open interest in futures increased by nearly $5.5 billion — the market is anticipating a continuation of the rally.
🟠 Whales are back in action:
Wallets with >10,000 ETH are buying again. In their hands are 40.75 million ETH, a maximum since March. This is a bet on long-term upside.
🟠 Technical analysis favors the bulls:
ETH bounced off long-term support and is forming the lower boundary of a symmetrical triangle on the monthly chart. The potential target is $3,400.