Ethereum just ushered in its largest network upgrade since “The Merge,” and the results have shaken the market. Its price has rallied 23% in the past 24 hours, sending ETH soaring to $2,411.
As crypto prices go parabolic, is Ethereum set to lead a new bull run on its way to $3,000?
Ethereum’s Pectra Upgrade Makes $ETH Deflationary
The Pectra upgrade has ushered in numerous major changes to the project’s code. They’re tackling a range of issues, from improving the user experience to streamlining the staking mechanism.
One of the standout ramifications is that $ETH is deflationary again, meaning that more of the supply is being burned than new coins are being created.
It’s reestablishing a scarcity effect for $ETH, which is generating tremendous optimism among investors.
Ethereum burned -0.5% in just couple hours since the Pectra update
Major deflationary Operation has started
You still have the chance to stack ETH v cheap
This might look very different in a week from here pic.twitter.com/quKc0TXLMS
— CryptoSkull 💀 ze last bull standing (@cryptoskullx) May 8, 2025
Analyst Cas Abbé called the upgrade “really successful” and suggests the deflationary effect could propel the $ETH price to $3,000 in Q2 of 2025.
“We all know that ETH has been underperforming this entire cycle, due to lack of demand and increasing supply,” wrote Abbé on X.
He continued, “If ETH burn increases, the supply issue will be resolved and it will eventually attract demand too. It feels like $3K ETH in Q2 is coming,
Ethereum Tipped For Macro Trend Reversal
With an 18% gain in the past 24 hours, Ethereum shows immense strength right now. It currently trades at $2,200, a 2-month high.
Ethereum has notoriously underperformed Bitcoin in recent years, but today’s price action marks a strong turning point, according to analyst Bob Loukas.
He noted that Ethereum has broken out above a descending trendline resistance level, creating one of the biggest green candles of the past year.
$ETH holders thinking this might finally be the turning point.
I guess you can always hope. pic.twitter.com/JtSV2i5tL4
— Bob Loukas 🗽 (@BobLoukas) May 8, 2025
Meanwhile, analyst Innortal suggests that “ETH season” is starting due to Ethereum’s relative strength.
What he means by this is that smaller ecosystem tokens will begin to generate substantial gains and likely outperform Ethereum and the broader crypto market.
He also posted a price chart that forecasts Ethereum will rally to $6,000.
Wake up honey, $ETH season just started pic.twitter.com/dVkaD9h3wA
— Inmortal (@inmortalcrypto) May 8, 2025
It looks as though Ethereum will continue to rally in the months ahead, but savvy investors are taking positions in ecosystem tokens to maximize their gains.
Best Ethereum Tokens to Buy Now
As Ethereum’s price rises, investors will take profits and rotate into smaller cryptos that could provide more upside potential. One Ethereum-based project that stands out in this regard is MIND of Pepe.
It’s a mashup of an AI agent and meme coin, which are two of the hottest sectors on Ethereum right now. Just look at today’s three top gainers: Virtuals Protocol, Brett, and Pepe: one is an AI agent launchpad and the other two are meme coins.
Combining them both is a recipe for serious growth.
The MIND of Pepe AI agent has multiple capabilities, such as launching its own tokens, identifying trading opportunities, engaging on social media, and interacting with blockchain dApps.
$MIND holders get inside information on the project’s token launches and also exclusive access to its trend analysis.
The project is currently undergoing a presale, and it has raised $8.8 million so far.
With viral potential, robust utility, and an early stage, MIND of Pepe appears to have everything in place for big gains.
Another promising ETH token is Aave. It’s a decentralised lending and borrowing protocol that allows users to generate interest on their crypto assets.
The project has the second-highest total value locked (TVL) of any DeFi platform at $19.17 billion. This strong TVL illustrates both community support and ecosystem security, potentially making it a safer bet than alternative Ethereum ecosystem tokens.
Naturally, as Ethereum liquidity rises, Aave will attract new users aiming to compound their holdings, which could cause the $AAVE price to soar.
Lastly, SushiSwap could prove one of the best Ethereum tokens. It’s an decentralised exchange that often goes under the radar – but it’s one of the top gainers today, with a 23% rise.
The project aggregates liquidity from different chains and exchanges to always provide users with the best prices on token swaps.
It also released a new upgrade this week, Route Processor 7, which added support for new exchanges and token standards while also improving the platform’s security.
With strong momentum and an evolving ecosystem at a time when the broader Ethereum economy is growing, it’s easy to see why SushiSwap could continue to perform well.
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Editor-in-Chief of CoinCentral and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact Oliver@coincentral.com
