The cryptocurrency market has experienced explosive growth today, with many coins showing gains exceeding 20%. This surge is attributed to a multitude of factors, including Bitcoin’s recent surge above $100,000, Ethereum’s Pectra upgrade, and broader market optimism. Ethereum led the charge, achieving a remarkable 20% increase, while XRP, Solana, Dogecoin, and Cardano followed with gains of 5-7%. Notably, Ethereum broke through the $2,000 mark, signifying its largest price surge since 2021. This rise is directly linked to the recent Pectra upgrade, which went live yesterday. The Pectra upgrade offers several advantages for users, including increased staking limits, enhanced wallet usability with smart contract features, and the implementation of nine other EIPs. Ethereum’s on-chain metrics are also positive: its total value locked has reached $57.9 billion according to DefiLama data, and daily transactions have risen by 22% over the past month. However, a significant drop in Ether fees (95%) suggests that Ethereum’s price may take longer to reach the anticipated $3,000 mark. The network activity has been weaker since 2021, which could indicate a more gradual recovery. Key levels to watch include $2,380, where resistance has historically posed a challenge. Breaking past this level could trigger another surge in price. Analysts are bullish on Ethereum’s potential, predicting it might reach $3,000 and even potentially $3,500 in the near future. Analyst Ali Martinez highlighted that Ethereum’s next hurdle is at $2,380. If it breaks through this resistance, we may see a fresh price rally. Analyst Michaël van de Poppe observed a significant jump in Ether prices (over $300 in just one day), noting expanding liquidity, positive business cycles, and easing fiscal policies are acting as significant tailwinds for the broader crypto market and Ethereum.