Ether has surged following the Pectra hard fork, with analysts suggesting a growing number of long positions could signal a turnaround for the asset.
Ether surged 20% in the past 24 hours following the launch of the Pectra upgrade, with some crypto traders suggesting the growing number of ETH long positions could mark a “turning point” for the asset that has faced uncertain sentiment throughout most of 2025.
At the time of publication, Ether (ETH) is trading at $2,230, up 19.6% over the past 24 hours, according to CoinMarketCap data. Pseudonymous crypto trader Daan Crypto Trades said it was a “pretty insane candle.” Over the same 24 hours, Ether Open Interest (OI) spiked 21%.
The surge followed the long-awaited Pectra Upgrade, which went live on May 7, introducing new wallet features, increased staking limits and scalability improvements to Ethereum.
