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Ethereum (ETH), the world’s second-largest crypto by market cap, may finally be poised for a breakout after years of underwhelming performance. With both traders and the broader community expressing renewed confidence, the ETH price appears ready to close the gap between its leading technology and lagging price action.
After more than three frustrating years of struggling way beneath its all-time highs, ETH price has been registering double-digit percentage hikes, rising over 20% in the last seven days, and investors are taking note. According to CoinGecko, 89% of the ETH community is bullish today, a sharp reversal from the cautious mood that has dominated since the 2021 peak.
Much of this optimism can be traced to positive technical signals and network upgrades, and emerging macro catalysts, such as record Ethereum ETF inflows. Prominent crypto trader Cas Abbé sees ETH price continuing to go up and to the right. He commented:
“Ethereum dominance has entered up-only mode. For 3+yrs, ETH went through a price suppression despite massive upgrades. But now, prices have started to catch-up. I think Ethereum dominance is going above 20% by Q3 end.”
Arthur Hayes, former CEO of BitMEX, also weighed in with a candlestick chart pitting Ethereum against Bitcoin and the simple words:
“ETH was kind of dead. Everyone hated it. The BTC/ETH ratio was falling, Solana was running… it was time. Everybody thought it was dead… the most hated coin goes up the fastest in the next cycle.”
Some traders believe the ETH price could go substantially higher still, reaching as much as $10,000 to $15,000, as Master of Crypto posted:
“$ETH Price Target This Cycle: $10K-$15K. That’s a solid 3-4x from its last high. ETH usually moves more than BTC in both directions – more upside during the run, but also sharper drops after. Expect ETH to outperform, but don’t forget the risk swings both ways.”
Whatever the outcome, you have to hand it to ETH’s supporters who have endured a lot since 2021. 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, a plunge as cold as a Highland river that left the protocol underperforming both Bitcoin and high-flying Layer-1 competitors like Solana and Avalanche.
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This period of stagnation raised serious questions about Ethereum’s leadership and future, and led to many experts, such as SSV Protocol’s Alon Muroch, exploring the “ETH in crisis” narrative, and debating whether Ethereum’s developer-driven roadmap and decentralized ethos could withstand technological and economic pressures.
So, is this finally Ethereum’s time to shine? There are several compelling reasons to believe it may be. 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, market mood has shifted decisively: with 89% of the community expressing a bullish outlook, 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 ETH price may finally be catching up to its potential.
