The anticipation surrounding Ethereum's Pectra upgrade has been a significant driver of its price movement today. The Ethereum Foundation's announcement of the Pectra Devnet5 going live has sparked optimism, as it addresses key scaling issues and aims to improve transaction efficiency. This development is crucial for maintaining Ethereum's reliability and reducing transaction costs, which have been a concern due to high demand. Additionally, the recent inflow of $166 million into Ethereum ETFs, particularly BlackRock's acquisition of $111.19 million worth of Ether tokens, has further bolstered investor confidence. This institutional support is seen as a positive signal for Ethereum's potential price rally, with analysts closely watching for a breakout above the $3,400 mark.
The Volatility Shares Trust 2x Ether ETF (ETHU) experienced a notable increase, rising 5.47% to $7.90 at 6:00 AM on Friday, January 17.