Ethereum is on rise due to activity of whales and recent network update

After a challenging first quarter that marked a steep 45.41% decline, Ethereum posted an outstanding gain of 39.4% in the second quarter.

This recovery coincided with the release of the significant Pectra update aimed at improving scalability and overall user experience on the Ethereum network. This update boosted investor confidence, allowing the cryptocurrency to regain its upward trend.

Ethereum's Q2 results are often remarkable, but this year's rebound is particularly noteworthy. Not only has it offset previous losses, but it sets the stage for potential growth in the second half of the year.

On May 26, a major Ethereum investor made a $75.39 million purchase of the cryptocurrency, making a significant impact on the market. The profit from his previous investment now stands at $23.73 million, and his new position is already in the black by $1.52 million.

The price of Ethereum is breaching the resistance at $2,550, trading around the $2,640 level. Hourly charts are showing upward movement after the correction, indicating renewed buyer interest and strong potential for further growth.