Ethereum (ETH) Has Its Biggest Day Since 2021, Picking Up 20% Daily Gains to Briefly Lock in $2,448

The largest altcoin Ethereum (ETH) is having its biggest day since 2021, picking up 20% daily gains to briefly lock in $2448, a fresh two-month high. This comes just two days after the long-awaited Pectra upgrade went live on Ethereum's mainnet.

The technical upgrade for the major Proof of Stake (PoS) blockchain was finally activated at epoch 364032, precisely at 10:05:11 UTC on Monday, May 7, marking the completion of the long-awaited Pectra upgrade on Ethereum’s mainnet.

What’s Inside Pectra That Arouses ETH Fans?

The major technical upgrade for the top Proof of Stake (PoS) blockchain was officially activated at epoch 364032, precisely 10:05:11 UTC on May 7. While it’s true that the original Pectra launch date was set to March, the dev team encountered several hiccups on two mainnets, but later confirmed the bugs to be fixed on the Hoodi testnet.

The key features inside Ethereum’s Spectra are account abstraction in accordance with the EIP-3074, aimed at making decentralized applications (dApps) more intuitive, as traditional crypto wallets get more flexible with customizable security and fee sponsorships.

Further on, Peer Data Availability Sampling (PeerDAS) lets dramatically reduce the verification costs for Ethereum (ETH) based Layer-2 roll-ups. Besides, the ETH Pectra upgrade offers a way higher validator limit, going from the regular stake cap of 32 Ethers to 2,048 ETH.

ETH Stakers Pile In Boosting Ethereum Price

Ethereum popped on a staking wave right ahead of the Pectra upgrade launch on the mainnet. According to the freshly conducted research by CryptoQuant, the ETH Pectra news back in February has amplified ETH staking.

The crypto analytics firm disclosed that the total amount of ETH coins being staked went up from 33.78 million to 34.41 million.

This means that in the past three months alone, about 627K Ethereum (ETH) crypto tokens were added, presenting a staggering $1.52 billion increment.

However, prior to the Pectra news, this specific metric was showcasing negative values. For instance, from mid November 2024 to February 15, 2025, the figures went from 34.88 million to 33.86 million.

I think $4,000

While some crypto fans are discussing the next price target for Ethereum (ETH) as it trades above $3,700, reaching a two-month high of $2,448 on Monday, May 12, sparking discussion of a potential move to $4,000, short-sellers encountered a major setback with a tsunami of liquidations in the past 24 hours.

One particular case, highlighted by LookOnChain, explored a major crypto player incurring a significant loss of $4.77 million. The trader was hit with a series of margin calls as they attempted to close a 25x-leveraged short position on Ethereum, ultimately leading to its complete liquidation in less than eight hours.

On The Flipside

What To Keep In Mind

The figures disclosed by CryptoQuant offer a valuable insight into the broader narrative surrounding Ethereum. Despite facing a slight setback earlier this year, the crypto is still exhibiting resilience and strength.

Why This Matters

A steadily increasing staking rate is a strong indicator of the collective trust in a blockchain network’s long-term value. As more users choose to stake their crypto in a particular chain, it signifies their belief in its future potential and willingness to contribute to its security.