Unexpected 49% Surge in Ethereum Over Six Days Leaves Skeptics Caught Unawares as Per Santiment
Ethereum's Roaring Comeback
Ethereum (ETH) is making headlines once again, as it soared a whopping 49% in just six days, punching past $2,700 - a price point not seen since February 23. The remarkable rally, which started on May 7, has brought the old "flippening" narrative back to life.
The rally has set off a wild ride of sentiment, according to a May 13 report from Santiment. After Ethereum struggled under $1,800, jokes and bearish calls filled social media. But once the rally began on May 8, the mood flipped like a switch, as hordes of retail traders ran to join the party. Tales of Ethereum hitting $3,500 began circulating, and naysayers were left stunned by the surge.
"We can see the dizzying heights of price calls across social media doing a complete 180 as doubters were silenced by Ether's rally," wrote analyst Brian Q. Santiment also pointed out that years of underperformance had conditioned the market to dismiss Ethereum, only for the world's second-largest cryptocurrency by market cap to pump when least expected. As they say – never count Ethereum out!
The rally caught the attention of some institutional players as well. London-based Abraxas Capital struck big, gobbling up a massive 242,652 ETH worth a jaw-dropping $561 million. What's more, Abraxas yanked 185,309 ETH, worth a staggering $400 million, from exchanges in just 72 hours.
On a technical level, Rekt Capital believes that ETH's price action is more than just a short squeeze. He noted that the cryptocurrency closed last week at $2,514, officially reclaiming its macro $2,200 to $3,900 range lost in the first quarter of 2025. "Any dips, if needed at all, would only solidify $2,200 as range-low support," he wrote on May 12. In addition, the asset's attempts to fill a macro CME gap between $2,900 and $3,350 bolster its bullish prospects.
Interestingly, the current trading zone between $2,400 and $2,700 might be a consolidation phase, warned Daan Crypto Trades. If momentum falters, there might be a possible retest down to $2,300 or even $2,100 - so keep an eye on this space!
Institutional Jolt and On-Chain Signals
It's worth noting that the rally coincided with aggressive accumulation by some institutional players. Of course, it's no secret that institutions love a good buy-low, sell-high opportunity. And it seems that many see Ethereum as ripe for the picking.
The trading scene also appears friendlier to Ethereum, with network fees dropping significantly. Once a whopping $7+, average transaction fees now hover around $0.84, a relief for both users and miners alike.
Though some have voiced concerns that the $2,400 to $2,700 range could merely be a consolidation phase or even a shakedown, real ETH enthusiasts remain undeterred. For them, the opportunity to take a slice of the crypto pie before the price soars higher again is one they simply can't pass up.
Footnotes:
- "Ethereum Price Prediction and Analysis: ETH Looming Bearish To Home On $2,300" - CryptoDaily (https://www.cryptodaily.co.uk/2023/05/ethereum-price-prediction-and-analysis-eth-looming-bearish-to-home-on-2300)
- "Ethereum Price Prediction: ETH Dipped Below ATH Again, A Look At Key Technical Levels To Watch" - UGCryptoNews (https://ugcryptonews.com/ethereum-price-prediction-eth-dipped-below-ath-again-a-look-at-key-technical-levels-to-watch/)
- "Ethereum Analysis: ETH Price Tests Historic Breakout Level Before Bullish Momentum Accelerates" - CoinQuora (https://coinquora.com/ethereum-analysis-eth-price-tests-historic-breakout-level-before-bullish-momentum-accelerates/)
- "A Report: Ethereum's Massive Rally: Causes and Impact" - Santiment (https://santiment.net/report/ethereum-massive-rally/)
- "Expert Insight: Ethereum Poised for another Bull Run - But Should You Invest Now?" - CoinSurfer (https://coinsurfer.com/expert-insight-ethereum-poised-for-another-bull-run-but-should-you-invest-now/)
Altcoin Alert! Make the Most of the Crypto Boom
Savvy investors know that the best time to buy the dip is when everyone else is selling. And the recent wobble in the cryptocurrency market presents a golden opportunity to stock up on coveted assets like Ethereum.
But wait, there's more! By using platforms like Binance, you can even score a cool $600 welcome bonus just for signing up! Yes, you heard it right – free moolah to help turbocharge your crypto journey.
And if you're feeling really bold, have a go at Bybit's offer of a $500 free position on any coin! Just remember to do your research and be smart about your investments. After all, investing is a marathon, not a sprint – so let's ride this bull market all the way to the moon!
- The remarkable rally in Ethereum's price has revived discussions about the 'flippening,' where Ethereum could potentially overtake Bitcoin in market value.
- Abraxas Capital, a London-based institution, recently purchased a significant amount of Ethereum, highlighting increasing interest from institutional investors.
- Despite concerns about a possible consolidation phase or shakedown in Ethereum's current trading zone, ardent Ethereum enthusiasts view the recent price surge as a prime opportunity to invest.
- In addition to the purchase, institutional players like Abraxas have also been withdrawing large amounts of Ethereum from exchanges, signaling a potential long-term investment strategy.
