Ethereum Hits $2,600 with 10% Surge, TVL Jumps to $63B Amid Pectra Upgrade and Lower Gas Fees

Ethereum (ETH) has surged past the $2,500 mark, reaching its highest price since February, with the cryptocurrency now trading at $2,600. This represents a significant 10% increase in its value, reflecting strong market momentum.

The rally in Ethereum's price has been accompanied by a notable increase in its total value locked (TVL), which jumped from $50 billion to $63 billion over just three days. This growth in TVL suggests rising user trust and strong liquidity inflows into the Ethereum network. The surge also led to the liquidation of $100.25 million in short positions.

Market analysts have attributed Ethereum's price surge to improving on-chain performance and growing network activity, which have reignited bullish sentiment among investors. Additionally, the upcoming Pectra upgrade is expected to enhance Ethereum's scalability and usability, further boosting investor confidence. Gas fees have also decreased by 40%, making transactions more cost-effective.

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