Ethereum News Today: Ethereum Price Surges 20% in Week Amid Bullish Sentiment

Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, is showing signs of a potential breakout after years of underwhelming performance. Traders and the broader community are expressing renewed confidence, suggesting that the ETH price may finally be catching up to its leading technology.

After more than three years of struggling beneath its all-time highs, the ETH price has been registering double-digit percentage hikes, rising over 20% in the last seven days. This surge in optimism is reflected in the community sentiment, with 89% of ETH holders expressing a bullish outlook, a sharp reversal from the cautious mood that has dominated since the 2021 peak.

Much of this optimism can be attributed to positive technical signals, network upgrades, and emerging macro catalysts, such as record Ethereum ETF inflows. Prominent crypto trader Cas Abbé sees ETH price continuing to rise, commenting that Ethereum dominance has entered an up-only mode. He predicts that Ethereum dominance could go above 20% by the end of the third quarter.

Arthur Hayes, former CEO of BitMEX, also weighed in, describing the current ETH price action as "choosing violence." Hayes had previously spoken on the Bankless podcast, noting that ETH was now primed for a reversal, stating that the most hated coin often goes up the fastest in the next cycle.

Some traders believe the ETH price could go substantially higher, reaching as much as $10,000 to $15,000 this cycle. Master of Crypto posted that ETH usually moves more than Bitcoin in both directions, expecting ETH to outperform but also noting the risk of sharper drops after.

Ethereum’s struggles have been well documented. Despite brief rallies, ETH has been stuck in a prolonged downtrend since November 2021, when it hit an all-time high of nearly $4,900. By early 2024, the price had fallen below $2,000, leaving the protocol underperforming both Bitcoin and high-flying Layer-1 competitors like Solana and Avalanche. This period of stagnation raised serious questions about Ethereum’s leadership and future, leading many experts to explore the “ETH in crisis” narrative.

However, there are several compelling reasons to believe that this could be Ethereum’s time to shine. ETH is breaking out from multi-year technical resistance, enjoying new institutional interest spurred by ETF inflows, and reaping the benefits of network upgrades like the recent Pectra release. Perhaps most importantly, the market mood has shifted decisively, with 89% of the community expressing a bullish outlook, suggesting that Ethereum’s “hated coin” phase could quickly become its comeback story.

Of course, risks remain. The path ahead is likely to be volatile, and Ethereum still faces fierce competition and the challenge of continuing to scale. Yet, for the first time in years, ETH traders and holders are eyeing new highs with genuine optimism, and the ETH price may finally be catching up to its potential.