Ethereum Surges 33% Amid Network Upgrades and Global Trade Optimism

Ethereum’s Technical Breakthrough and Market Performance

Ethereum (ETH) surged 33% this week, reaching $2,490 on Friday amid renewed institutional interest and network upgrades. The rally marks its largest weekly gain since 2021, with the cryptocurrency breaking a six-month downtrend that had persisted since December 2024. Analysts attribute the momentum to Ethereum’s Dencun upgrade, which improved scalability and reduced transaction fees, and easing global trade tensions.

Key metrics underscore the resurgence:

• Total Value Locked (TVL) surged 41% to $52.8 billion in 30 days
• Daily transactions increased 22% to 1.34 million
• Relative Strength Index (RSI) jumped from 56 to 66 in 24 hours

Technical analysts like Mikybull Crypto identify $2,800 as the next resistance level, with a potential path to $3,500 if bullish momentum holds. Crypto Claws notes ETH is “ready for a major bullish reversal” after clearing the $2,100 barrier.

Institutional Optimism and Future Projections

BRN Chief Research Analyst Valentin Fournier highlighted “strong momentum fueled by policy support and technological breakthroughs” during the rally. Institutional inflows intensified after the SEC approved spot Ethereum ETFs in July 2024, with whale activity spiking as prices crossed $2,300.

Market forecasts remain bullish:

Bitcoin mirrored the optimism, rising 1.7% to $104,336. The broader crypto market cap grew 8.2% this week, with decentralized finance (DeFi) protocols benefiting most from Ethereum’s resurgence.

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While short-term volatility persists, Ethereum’s fundamentals suggest sustained growth. Network upgrades and regulatory clarity position ETH to potentially outperform Bitcoin in 2025, though macroeconomic factors remain a wild card.