Ethereum posts highest weekly gain since 2021 amid easing trade tensions

Ethereum led a major crypto rally last week, posting its biggest gain since 2021. The surge was driven by easing global trade tensions and optimism around the network’s recent upgrade, according to Bloomberg.

The second-largest cryptocurrency surged 14% on Friday, hitting $2,490, bringing its weekly gain to nearly 33%. Investor confidence got a boost from a new trade deal between the US and the UK, signaling a thaw in global economic relations, the news agency reports.

Valentin Fournier of BRN highlights Ethereum's steady upward trend, which could gain further momentum from technological innovations and policy support. These conditions are paving the way for fresh capital inflows into cryptocurrency markets.

The token's rally is further fueled by the Pectra upgrade, which promises lower fees, improved network efficiency, and enhanced wallet capabilities, Bloomberg reports. These technical improvements are becoming particularly crucial as Ethereum faces growing competition from fast-evolving blockchain platforms like Solana.