Ethereum (ETH) Price Surges Back Above $1,900 as Pectra Upgrade Boosts Sentiment

Ethereum is starting to show teeth again. As of May 8, 2025, ETH is trading near $1,930, holding firm just below the $2,000 mark.

Ethereum (ETH) showed renewed strength on Monday, May 8, as the cryptocurrency held firm above $1,900 and drew attention with a massive surge in trading volume.

While Bitcoin stole the headlines with its push toward $99,000, Ethereum’s price action also showed signs of a sustained recovery, especially after the Pectra upgrade went live on Tuesday, May 7.

The changes brought by the upgrade, particularly the doubling of the validator maximum stake from 32 ETH to 2,048 ETH, were already having an impact on the price trends and sparked a technical analysis session on Monday.

Here’s a look at what happened with Ethereum and what traders are saying about the next move.

What Happened: As of Monday evening, Ethereum was trading at $1,930, according to Benzinga Pro. The price remained in a tight range after bouncing back from lows of $1,200 in March.

The Pectra upgrade, which brought a set of Ethereum Improvement Proposals (EIPs), went live with the aim of scaling and securing the Ethereum network.

The major change brought by the upgrade was the increase in the maximum amount of ETH that validators could stake. The previous limit of 32 ETH was a technical constraint that limited efficiency, especially for large institutions.

With the new limit set at 2,048 ETH, the potential for capital inflow into staking could increase significantly, especially if the price of ETH rises above the $2,000 mark.

Top traders following the cryptocurrency markets closely were also keeping an eye on the total cryptocurrency trading volume, which showed a massive shift in favor of Ethereum.

According to data by CCXV, the 24-hour trading volume for ETH surged by 39% to $10 billion, while the volume for Bitcoin dropped by 23% to $10.5 billion.

The shift in trading volume was a sign that traders were returning to Ethereum after a period of focus on Bitcoin, which pushed to new highs of $99,000 and sparked a broader crypto rally.

The tone of the market had also changed from "no panic, no euphoria" to one of clean momentum, with several traders saying that the market was heating up.

Related Link: What Happened: A technical analysis session in the popular trader community on X, formerly known as Twitter, showed that Ethereum was still building structure above the $1,900 level.

If the price of Bitcoin manages to cross the $100,000 mark, then it could help momentum carry Ethereum through the $2,000 barrier without much resistance, according to one trader.

"We’re still in the no panic, no euphoria stage but the market is definitely heating up. BTC dumping momentum and if it continues we'll be in new bull territory but it's still a technical move, not a fundamental one. Also, we're getting closer to the Pectra upgrade which will bring interesting changes to the network."

Another trader pointed out that while Ethereum was heating up, the cryptocurrency was still not the leader, at least not yet.

"It feels like we're heating up and there's plenty of steam in the market. We're also starting to see some good moves from altcoins like ATOM and MATIC but it's still BTC's market and we'll be following that closely."

What Next: With the Pectra upgrade complete and the charts showing signs of recovery, the focus now shifts to whether Ethereum can step back into the spotlight after a period of dominance by Bitcoin.

If the price of the world’s no. 2 cryptocurrency manages to close above the $2,000 mark on a daily basis, then it could pave the way for further gains and potentially outpace Bitcoin in the coming months.