Ethereum soars past $2,000 after breakout, whale activity fuels rally

Ethereum has surged past the $2,000 mark, breaking a five-month descending wedge pattern. Institutional confidence is driving this move, with Abraxas Capital accumulating a substantial amount of ETH in private wallets and a large whale establishing a long USDC position at $1,930.41 on Hyperliquid. This comes alongside the successful Pectra upgrade that improves network performance and staking mechanics. Price action shows significant momentum, rising nearly 12% within the last 24 hours. The move has put Ethereum back in its historic $2,200–$3,900 range.