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Ethereum(ETH)has surged 20% to $2,230 in the past24 hours after the implementation of the Spectra upgrade.The price increase followed the Ethereum network upgrade on May 7,which added new wallet capabilities,increased staking limits,and improved scalability
Analysts believe that the increase in long positions could signal a trend change for the cryptocurrency,which has been facing uncertain sentiment for most of 2025.According to CoinGlass data,about $2.06 billion in long positions are at risk of being liquidated if the price of Ethereum returns to $2,000
The price increase coincides with Bitcoin(BTC)returning above $100,000 for the first time in more than three months. In addition to the Spectra upgrade, experts also attribute the price increase to factors such as the US trade agreement with the UK and Coinbase’s acquisition of Deribit
Based on historical trends, Ethereum has averaged a62.2% return in the second quarter of the year,and if this pattern repeats,it could reach around $2,950 by the end of June