Ethereum Price Jumps Over 12% as Macro Optimism Aligns with Bullish Signals

Ethereum (ETH) rose over 12% in 24 hours to trade just under $1,800, which the article attributes to positive macroeconomic sentiment, reduced selling pressure in derivatives markets, and bullish technical indicators. The article says the sharp decline in CME futures basis, from 20% in November 2024 to almost 5% in April 2025, reversed arbitrage positions that had earlier pushed prices down. It also notes whale investors bought over 48,000 ETH since mid-February despite $1 billion in outflows from U.S. spot Ethereum ETFs over the same period. The upcoming Pectra upgrade, scheduled for May 7th, is expected to add upward momentum.