Ethereum Surges 12% Amid Technical Upgrades and Market Shifts

Ethereum’s 12% surge reflects significant market movements, aided by increased on-chain activity and upcoming technical upgrades such as the Pectra upgrade. This upgrade is scheduled for May 7.

Vitalik Buterin, Co-founder & Chief Scientist, Ethereum – “Vitalik Buterin proposed integrating RISC-V, an open-source processor standard, into the Ethereum Virtual Machine (EVM). This upgrade could improve efficiency for rollups by over 100x — making the network faster and cheaper to use.”

Vitalik Buterin proposed key network improvements that enhance Ethereum’s efficiency. Major institutional players like Galaxy Digital engaged in substantial transactions, further influencing market momentum.

The surge impacted Ethereum’s market cap, pushing it to $215.43 billion. Increased trading volume reflects heightened interest, with $25.21 billion recorded in daily transactions.

A lot of those arbitrage positions that dominated our agenda 2-3 months ago have now closed.

Market analysts note transaction fees fell by 56% week-over-week, suggesting reduced congestion and favorable conditions for renewed investor participation.

Past ETH price surges, often linked to technical upgrades, show similar patterns of investor enthusiasm. These events typically align with increased trade volumes and whale activity.

Experts suggest potential further gains if institutional interest remains strong, particularly with long-term network improvements anticipated from the upcoming upgrades.