Ether's ‘insane’ 20% candle post Pectra could mark a ‘turning point’ for ETH
Ether surged 20% in 24 hours following the Pectra upgrade, trading at $2,230. The upgrade introduced new wallet features, increased staking limits, and scalability improvements. Ether Open Interest spiked 21%, with many traders suggesting this could be a turning point for the asset after a challenging 2025. If Ether falls to $2,000, approximately $2.06 billion in long positions would be at risk of liquidation. The price increase liquidated around $328 million in short positions. Ether's price had previously dropped 56% from January to April. The rally coincided with Bitcoin gaining 3.59%. Factors influencing Ether's surge included a US-UK trade deal and Coinbase's acquisition of Deribit. Historically, Ether averages a 62.2% return in Q2, potentially reaching $2,950 by June's end. However, spot Ether ETFs experienced outflows totaling $16.1 million. The overall crypto market rose 4.95%, with the Crypto Fear & Greed Index moving into "Greed" territory.
