- Ethereum Surges Nearly 50% in 6 Days: Ethereum has jumped from below $1,800 to nearly $2,700 in just six days, flipping market sentiment from bearish to bullish as retail investors eye potential gains.
- Key Drivers Behind the Rally: Lower transaction fees, strategic buys by Abraxas Capital, and renewed market optimism have fueled the surge, with Abraxas snapping up over 211,000 ETH worth $477 million in under a week.
- Technical Signals Flash Mixed Messages: While major EMAs signal further upside and the MACD remains bullish, the RSI is elevated at 79, indicating the potential for a pullback before any further gains toward $3,000.
Ethereum’s back – and it’s not playing around. In just six days, the second-largest crypto has surged nearly 50%, climbing from below $1,800 to knocking on the door of $2,700. The retail crowd that once scoffed at ETH is now eyeing their next move. But where does it go from here?
According to Santiment, there’s some serious buzz around Ethereum’s rebound. Flashback to 2017 – people were talking about ETH overtaking Bitcoin, thanks to its smart contracts and developer-first vibe. That didn’t happen, but the debate’s far from over. Could Ethereum still steal Bitcoin’s thunder?
Bears to Bulls – The Sentiment Flip
Social sentiment’s done a full 180. Just days ago, the market was flooded with bearish chatter, with plenty of folks writing Ethereum off while other altcoins grabbed the spotlight. Now, the doubters have gone quiet as ETH powers back up. Some are calling for $3,500 – maybe even higher.
Transaction Fees Drop – But For How Long?
One thing keeping ETH’s rally intact? Lower transaction fees. They’re sitting around $0.84 per transfer, way down from the $7 range six months ago. But if those fees start creeping back up to $2 or higher, the rally could hit a snag.
On-chain data from Lookonchain shows Abraxas Capital isn’t sitting idle. They snapped up 33,482 ETH, shelling out around $84.7 million on May 13. Over the last six days, they’ve scooped up over 211,000 ETH – roughly $477 million worth – fueling the price surge.
Short Sellers Take a Hit
Ethereum’s rapid climb wiped out $240 million in bearish bets in the last 24 hours, pushing total liquidations to $387 million. Technicals? Mostly green. The 50, 100, and 200-day EMAs are all flashing buy signals, while the MACD suggests more room for upside. But there’s a red flag – the RSI is up at 79, hinting at a potential pullback.
If the bulls keep control, ETH could test the $2,750 resistance level and even aim for $3,000. But if bears get a grip, it could slide back to the $2,100 range.
Final Take
Ethereum’s comeback is a classic case of the crypto market’s mood swings. The coin’s 30-day returns are already at +32.5%, so it might still have some room to run. But with the RSI flashing caution, it’s wise to keep one eye on the exit. In crypto, patience isn’t just a virtue – it’s a survival skill.
