Ethereum (ETH-USD) has seen a remarkable rally in recent weeks, with its price surging nearly 58% over the past 30 days and 17% in the last week alone. Despite a minor 2.47% pullback in the past 24 hours, ETH remains firmly in bullish territory, currently trading around $2,529 after reaching a recent high of $2,736. The next major resistance is now set at $3,100, and many market watchers have updated their ETH price prediction accordingly. However, analysts also warn that the RSI nearing overbought levels could lead to short-term corrections.
Several factors are driving Ethereum’s strength. A key catalyst is the Pectra upgrade, which went live on May 7. The upgrade enhances scalability and efficiency, introduces gasless transactions, and makes ETH a more deflationary asset by burning part of its gas fees. Over 11,000 authorizations and 5,500+ transactions were processed within a week of launch — clear signs of rapid adoption.
Alvin Kan, COO of Bitget Wallet, highlighted that Pectra’s usability improvements could drive mass adoption by simplifying Web3 interactions. Enhanced bridging between L1 and L2, faster confirmations, and session-based permissions could make Ethereum feel more like consumer software than complex developer tooling.
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Ethereum’s resurgence also stems from broader macro trends. A surge in stablecoin adoption and asset tokenization—backed by Stripe’s $1.1 billion Bridge acquisition and Meta’s renewed stablecoin focus—reaffirms Ethereum’s role as core infrastructure. Ethereum currently hosts over 51% of all stablecoins, as shown by DefiLlama.
Furthermore, institutional interest in Layer 2 ecosystems is growing. Platforms like Base are generating significant revenue, and Robinhood’s acquisition of WonderFi signals further integration of Ethereum-based tokenized equities.
With strong fundamentals, rising adoption, and bullish market structure, Ethereum appears poised for a continued breakout—despite near-term volatility.
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