Ethereum Surges Over 6% in 24 Hours Ahead of Crucial Decision
Ethereum (ETH) has surged by over 6% in the past 24 hours, surpassing $2,000 and leading gains among major cryptocurrencies. This rally comes as investors eagerly await the outcomes of the Federal Open Market Committee (FOMC) meeting, which could impact the markets.
Meanwhile, Bitcoin (BTC) remains stable below $84,000, with particular attention on the critical support level of $80,000. A breakdown below this level could intensify selling pressure in the market.
Rise Fueled by the Ethereum Ecosystem
The surge in ETH has influenced other assets within the same ecosystem. Dogecoin (DOGE), historically correlated with Ethereum’s performance, has risen by 4%, while Ethereum-based memecoins such as Pepe (PEPE) and Mog (MOG) have recorded gains of over 5%.
Other major cryptos like XRP, BNB, Solana (SOL), and Cardano (ADA) have also experienced 3% growth. Only Tron (TRX) saw a decline after a 5% surge earlier in the day, driven by increased activity of memecoins on its blockchain following an update that removed transaction fees via the Sunpump platform.
A Favorable Technical Context for Ethereum?
While the surge in ETH does not appear to be linked to an immediate catalyst, the Ethereum network is benefiting from a favorable environment with the upcoming major update, Pectra. This hard fork, currently in the testing phase, aims to improve scalability, staking, and user experience through more than 20 improvement proposals (EIPs). Among the most anticipated are EIP-7702, which introduces advanced features for smart accounts, and EIP-7251, which raises the staking limit for validators to 2,048 ETH.
Testing began in February 2025 on the testnet Holesky and then in March on Sepolia, facing technical challenges related to incompatibilities between clients. A new testnet, Hooli, was launched on March 17, and more extensive trials on Pectra are scheduled for March 26. If successful, the mainnet deployment could take place between late April and early May 2025.
Bitcoin Under Pressure, Gold Surges
Meanwhile, Bitcoin is showing a slight increase of 1.5%, but remains under growing pressure, particularly amid macroeconomic uncertainties. Analysts suggest that BTC is temporarily supported at $80,000, though it remains fragile in an uncertain economic context.
The Fed meeting will be closely watched, especially for any dovish signals on inflation and growth. Monetary uncertainty is prompting many investors to turn to safe-haven assets like gold, which has surpassed $3,000 per ounce to reach new all-time highs.
