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Ether’s Absurd 20% Jump Stuns Crypto World—Is This the Whipple-Snipple That Changes Everything?

BBG News

In a display of wild, downright bonkers behavior, Ether catapulted up 20% in only 24 hours after gobbling down a slab of the mystical Pectra upgrade. And when I say “catapulted,” picture a cannon at Willy Wonka’s factory, except instead of chocolate, it’s spewing coins and digital confetti. Crypto folk (who sniff charts as recreation) whispered that the mushrooming pile of ETH “longs” could be, perhaps, the first sign of something wickedly wondrous for the currency, which—let’s be honest—has spent most of 2025 slinking around, looking utterly peaky and uncertain.

At this peculiar hour, Ether (ETH) lounges at a plump $2,230—a shiny 19.6% bulge in just one day, according to those ever-busy beans at CoinMarketCap. The enigmatic Daan Crypto Trades (possibly a wizard, possibly your aunt) gawked at the chart and declared, “pretty insane candle,” though he stopped short of lighting it for his birthday. To add even more hot sauce, Ether’s Open Interest (OI for those in the know) performed a 21% somersault at the same time. No, it didn’t land on its feet, but who cares? It looked impressive. 🧙

Traders Tripped and Tumbled by Ether’s Price Bazooka

All this uproar came right after the Pectra Upgrade—a legendary event as long-awaited as the next James and the Giant Peach sequel. The upgrade staged its debut on May 7, bestowing upon Ethereum new wallet tricks, juicier staking portions, and scalability so slick it’d make a greased penguin jealous.

Serious grown-up and popular crypto trader Alex Kruger mused on May 8 that Ether’s recent sky-scraping was a result of “new longs,” which in non-cryptic English means: everyone piled into the same clown car at once.

Now, should Ether decide to pull a nasty prank and tumble back to $2,000, a towering $2.06 billion mountain of long positions is perilously perched, ready to be liquidated—think of all the sad faces at the liquidation lemonade stand. Meanwhile, shorts (those betting on gloom and doom) coughed up $328 million in just 24 hours, presumably while muttering “not again” for the eighteenth time that day.

Wise crypto owl Bob Loukas hooted, “ETH holders thinking this might finally be the turning point.” Or maybe they’re just hoping their magic beans sprout a money tree at last. 🌱

Frankly, 2025 hasn’t been Ether’s year. The poor thing, after New Year’s, lost 56% of its value by April 9—down to $1,472, its lowest since it was knee-high to a grasshopper. The sentiment was so fragile, even a gentle breeze of doubt could knock it over.

But behold! As Ether pranced about, its old chum Bitcoin gave a modest wave, gaining 3.59% in the same timespan and sprinting nearly 6% across seven days. May 8 saw Bitcoin reclaim a six-digit figure with glee, crossing the $100,000 threshold for the first time in yonks.

Nick Forster, a chap who spins up onchain options protocols when bored, told CryptoMoon that Ether’s price party wasn’t just the Pectra hullabaloo. There’s a bit of everything: the US making questionable trade deals with the UK (tariffs on British cars and steel, slashed like a golden ticket), the big cheese Coinbase gobbling up Deribit for $2.9 billion, and probably a secret handshake or two.

History buffs, take note: since 2013, Ether has enjoyed a rollicking 62.2% second-quarter return. If that peculiar spell repeats itself, and if you’re into numerology, Ether might reach $2,950 by June’s end. Unless, of course, a goose eats the pie chart.

Meanwhile, spot Ether ETFs are still acting all shy, posting outflows for the third consecutive day—$16.1 million fluttered out the window on May 8 alone, says Farside. Not even Ether’s zany rally could tempt them to the dance floor.

And so, the entire crypto circus livened up! In 24 hours, the market ballooned by 4.95%. The Crypto Fear & Greed Index is practically cackling, inching up 8 more points to 73—somewhere between “just one more pancake” and “let’s buy an island.”

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2025-05-09 09:54

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