Traders are bullish about ETH as prices begin to catch up with technology

The world’s second largest market capitalization, Ethereum (ETH), may be ready for a breakout after years of overwhelming performance. With both traders and the broader community expressing new trust, ETH prices appear to be ready to bridge the gap between its key technology and delayed price action.

New optimism reflecting ETH prices

ETH prices have registered double-digit hikes after struggling like more than three years of hard work under the record high, and have grown by more than 20% over the past seven days, investors are paying attention. According to Coingecko, 89% of the ETH community is bullish today, a sharp reversal from the cautious mood that has been dominated since its peak in 2021.

Much of this optimism can come from new macrocatalysts such as positive technical signals and network upgrades, and record-breaking Ethereum ETF influx. Prominent crypto trader Kath Abbe believes ETH prices continue to rise and rise to the right. He commented:

“Ethereum’s advantage has entered the Up-only mode. For three+ years, ETH has experienced price control despite major upgrades. But now prices have begun to catch up.

Arthur Hayes, former CEO of Bitmex, also had a chart of candles catching Ethereum against Bitcoin and simple words.

“$eth is choosing violence right now.”

Hayes had previously spoken on the Bankless Podcast and said ETH is now ready to turn the ball around.

“ETH was a bit dead. Everyone hated it. The BTC/ETH ratio had fallen, Solana was running… It was time. Everyone thought he was dead… The most hated coins rise the fastest in the next cycle.”

Target this cycle $10-15K

Some traders believe that ETH prices could rise considerably, reaching between $10,000 and $15,000, as posted by the Crypto master.

“The $ETH price covers this cycle: $10K-15K. It’s 3-4x solid from the final height. ETH usually moves in both directions than BTC. It’s a sharper drop while driving.

Whatever the outcome, we have to hand it over to ETH supporters who have endured so much since 2021. The Ethereum struggle is well documented. Despite the short rally, ETH has been stuck in a long-term downtrend since November 2021 when it hit an all-time high of nearly $4,900. By early 2024, prices fell below $2,000. This was as cold as the Highland River, leaving the protocol below both Bitcoin and Highland Layer-1 competitors.
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This period of stagnation raised serious questions about Ethereum’s leadership and future, and led to many experts, including Aron Mrock of SSV protocols, exploring the “ETH of Crisis” narrative, discussing the Ethereum developer-driven roadmap and decentralized ESS can withstand technical and economic pressures.

So, is this finally the time for Ethereum’s brilliance? There are some persuasive reasons to believe that it may be. ETH has stepped away from multi-year technological resistance, reaping new institutional benefits that have spurred the ETF inflow, and the benefits of network upgrades like the recent Pectra release.

Perhaps most importantly, the market atmosphere has changed drastically. With 89% of the community expressing bullish outlook, Ethereum’s “Snap Coin” phase could soon become a comeback story.

Of course, the risk remains. The road ahead is likely to be unstable, and Ethereum still faces fierce competition and the challenge of continuing to expand. However, only over the years ETH traders and owners are paying attention to the new highs with genuine optimism, and ETH prices could ultimately catch up with that possibility.