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Ethereum (ETH) Sees Best Day Since 2021 With 20% Gain

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Ethereum has surged nearly 20% in the past 24 hours, peaking at $2,234 – a two-month high.

ETH prices have recovered strongly, gaining 26% in two weeks and more than 50% in the month, from a low of $1,400 .

The rally was fueled by the Pectra update that officially launched on the mainnet on May 7 .

Ethereum's Best Day Since 2021
Over $280 million worth of ETH short positions have been liquidated in the past 24 hours, according to CoinGlass.

While this is Ethereum's best day since 2021 according to Bankless , such strong rallies are not uncommon, with ETH also gaining 23% and 30% during rallies in May and November last year.

Analysts are starting to get optimistic about longer-term predictions for ETH as the asset bounces off the bottom.

' MMCrypto ' has a target of $3,700 if the asset retraces back to the top of this wedge pattern.

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Cas Abbé said Ethereum's Pectra upgrade was successful, causing ETH inflation to shift to deflation (from 0.7% to -0.5%) and doubling the amount of ETH burned daily.

He believes this is the reason for the increase in ETH price and predicts that $3,000 can be reached in Q2.

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