Ethereum has crossed the $2,700 mark for the first time since February 23. This recent spike in price follows a stretch where retail investors were mocking the coin’s performance. Now, the same crowd seems eager to find the right moment to jump back in.
Ethereum Rockets 41% in Seven Days Post Pectra
According to market research firm Santiment, Ethereum has gained 49% in value in just under six days, driven by the optimism post the Pectra update.
On May 7, the coin dropped below $1,800. Since then, it has experienced a strong comeback, surprising even long-time critics.
Santiment noted that just weeks ago, Ether was the subject of jokes and doubt on social media. But as the coin began to surge, the tone flipped quickly.
The social media turnaround is reminiscent of Ethereum’s earlier rise during the 2016–2017 crypto boom. Back then, the “flippening” theory gained traction. It was the belief that Ethereum would one day surpass Bitcoin in market cap, thanks to its smart contract features and more diverse use cases.
That scenario never fully played out, but the discussion still lingers. It reflected the tension between new technology and Bitcoin’s status as the first big name in the space.
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Investors Betting on Ethereum
Ethereum’s developer-friendly nature continues to draw praise. Many believe its usefulness for decentralised applications gives it staying power. The recent rally has not only quieted sceptics but also encouraged some traders to revisit their stance on Ethereum’s long-term value.
Santiment reported that many Ethereum supporters are treating this rally as a well-earned reward for holding on during tough times. For them, this isn’t just a price jump.
It’s a sign that the market is starting to recognise the project’s long-term potential again. However, the firm also warned of short-term volatility due to the new attention the asset is getting.
Ethereum’s Price Actions
Right now, Ethereum is trading at $2,606.8, with a daily gain of 4.88%. Over the past week, it has been up more than 41%. The global market cap for ETH stands at $314.92 billion.
Trading volume has also surged, rising by 36.51% in the last 24 hours. These numbers show how much momentum Ethereum has gathered in a short amount of time.
The Trust After the Pectra Update
The rally comes shortly after a key technical milestone. Ethereum developers recently activated the Pectra upgrade at epoch 364032. This is the most significant change to the network since the 2022 Merge.Â
The upgrade brings in dozens of new Ethereum Improvement Proposals (EIPs). These changes are aimed at making staking easier, streamlining validator tasks, simplifying wallet use, and doubling the on-chain data available for Layer 2 scaling.
With this major update in place, the coin’s technical strength has improved just as public interest is returning. If Bitcoin continues its own rise, potentially heading toward a new record high of $110,000, Ethereum could cross the $3,000 mark again very soon.