The digital asset landscape saw Ethereum make a significant move, with a notable price surge around May 8-9, 2025. This rally has captured market attention, suggesting a potential shift in momentum for the leading altcoin.
Price Action and Key Levels
During May 8-9, 2025, Ethereum (ETH) achieved a remarkable price increase of roughly 20%, firmly surpassing the $2200 threshold. The asset was observed trading near $2239. This jump marked Ethereum’s largest daily percentage gain since May 2021. However, it’s important to note that ETH still registered a 33% decline since the beginning of 2025. The ETH/BTC trading pair also reflected this strength, rising to 0.021 BTC.
Underlying Factors for the Surge
Analysts point to two core reasons for this renewed vigor: the asset’s significant undervaluation against Bitcoin and the deployment of the Pectra network upgrade on May 7, 2025.
CryptoQuant experts had previously indicated that Ethereum’s undervaluation relative to Bitcoin was at its most extreme since 2019. Min Jung of Presto Research told The Block, “Ethereum is finally catching up to Bitcoin… The recent Pectra update helped restore some confidence, and with the ETH/BTC pair down almost 40% year-to-date to 0.02, it’s no surprise that… buyers emerged.” This perspective aligns with earlier comments from BitMEX co-founder Arthur Hayes, who noted that negative sentiment around ETH could transform into demand given positive developments.
Chris brings over six years of hands-on experience in cryptocurrency, bitcoin, business, and finance journalism. He’s known for clear, accurate reporting and insightful analysis that helps readers stay informed in fast-moving markets. When he’s off the clock, Chris enjoys researching emerging blockchain projects and mentoring new writers.