Ethereum (ETH) Sees Best Day Since 2021 in 20% Surge

Ethereum prices have skyrocketed almost 20% over the past 24 hours to reclaim $2,200 in a two-month high. ETH tapped $2,234 during Friday morning trading in Asia as it climbed from below $1,900 on Thursday. The asset has now gained 26% over the past fortnight and more than 50% over the past month, recovering from a dump to bear market lows around $1,400. The big move comes as the long-awaited Pectra update went live on mainnet on May 7. Ethereum’s Best Day Since 2021 According to CoinGlass, more than $280 million in short ETH positions were liquidated over the past 24 hours. It’s Ethereum’s best day since 2021, wrote Bankless on May 9; however, the asset has had several similar spurts of action over the past year. Between May 20 and 22 last year, ETH surged 23% from $3,070 to just below $3,800, and between November 6 and 10, it pumped almost 30% from $2,400 to over $3,100, so these moves are not unusual. Analysts are starting to turn bullish with longer-term predictions for ETH now that the asset has bounced off the bottom. ‘MMCrypto’ saw a target of $3,700 should the asset return to the top of this wedge pattern. ETHEREUM TARGET: $3’700 pic.twitter.com/hNJkh4AajX — MMCrypto (@MMCrypto) May 9, 2025 Web3 growth manager Cas Abbé commented that Ethereum’s Pectra upgrade has been really successful. Hours after the upgrade, ETH annual inflation dropped from 0.7% to -0.5% as issuance turned deflationary again, he observed. Also, the daily ETH burn has doubled since the Pectra Upgrade, “which is the reason behind ETH’s pump,” he said before adding: “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... pic.twitter.com/5uOJ4uLPMw — Cas Abbé (@cas_abbe) May 8, 2025 Stablecoin and Tokenization Gold Rush The stablecoin and tokenization gold rush is going to usher in a huge wave of net new adoption for crypto over the coming years, said Ethereum educator Anthony Sassano, who added. “At the center of it all is Ethereum – the home of stablecoins and tokenized real-world assets.” Ethereum is the industry standard for real-world asset tokenization. According to RWA.xyz, Ethereum has a 58% market share for tokenized assets with almost $7 billion on-chain, excluding stablecoins. When stablecoins are included, Ethereum is still the industry leader with a 55% RWA market share, followed by Tron with almost 30%, but this is primarily due to Tether. LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin! Source: https://cryptopotato.com/ethereum-eth-sees-best-day-since-2021-in-20-surge/