Source: CoinMarketCapEther’s recent rally coincides with Bitcoin (BTC) gaining 3.59% over the same period and nearly 6% over the past seven days, reclaiming the $100,000 mark on May 8 for the first time in over three months. In comments to Cointelegraph, onchain options protocol Derive founder Nick Forster said Ether’s recent price surge was due to a combination of factors, beyond just the Pectra hard fork. Forster pointed out the US trade deal with the UK, where US President Donald Trump “slashed tariffs on British cars and steel.” He also pointed to the crypto exchange Coinbase, which announced the acquisition of Deribit for $2.9 billion.
Pseudonymous crypto trader Daan Crypto Trades said it was a “pretty insane candle.” Over the same 24 hours, Ether Open Interest (OI) spiked 21%. Ether price pump caught traders offsideThe surge followed the long-awaited Pectra Upgrade, which went live on May 7, introducing new wallet features, increased staking limits and scalability improvements to Ethereum.
Popular crypto trader Alex Kruger said on May 8 that Ether’s price spike was primarily due to “new longs.”If Ether were to fall back to $2,000, approximately $2.06 billion in long positions would be at risk of liquidation, according to CoinGlass data.
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Author / Journalist: Cointelegraph by Ciaran Lyons
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