In the past 24 hours, Ethereum has rebounded strongly thanks to the market recovery after the Pectra upgrade, surging by 22% and returning to the $2,200 mark. This wave of increase has also driven altcoins like EIGEN, SUI, and Virtual to soar, with increases of up to 50%.
Although the increase of ETH seems modest compared to some altcoins, it is important to remember that its last single-day rise of over 22% dates back to May 23, 2024, when the price soared from $3,100 to nearly $3,900 due to the SEC's approval of the spot ETH ETF.
Compared to the previous surge based on regulatory goodwill, this time ETH's rise is driven by internal market forces after the completion of on-chain upgrades, making it more sustainable and significant.
In the past 24 hours, the market has dramatically reversed, with over 200,000 people globally experiencing liquidation, and bears suffering heavy losses, becoming the 'fuel' that drives the price increase. Statistics show that the total amount liquidated in a single day reached $679 million, with BTC and ETH shorts being the hardest hit. The largest single liquidation occurred in the Binance BTCUSDT trading pair, amounting to $11.9692 million, highlighting the intensity of the market's bullish momentum.
Only in an ETH bull market can altcoins truly experience spring.
When BTC rises, altcoins may remain indifferent; but as long as ETH gains momentum, sectors like DeFi, Meme, and AI often take off collectively. The activation of ETH signifies a comprehensive awakening of the on-chain ecosystem.
In this round of the market, many are asking if the bull market has really arrived? If ETH has not yet significantly risen, it is merely a localized structural opportunity; only when ETH stabilizes on an upward trend will altcoins fully explode.
This can be understood as:
BTC is a barometer, representing sentiment and capital inflow;
ETH is the core engine that determines whether the ecosystem is active;
Altcoins are amplifiers that rely on ETH for operational support.
Historical experience shows that every genuine altcoin boom is accompanied by an increase in ETH TVL, rising gas fees, and enhanced DApp activity.
The current key is not to chase new narratives and new chains, but to keep a close eye on ETH as the main line—once it gains momentum, it will be the best time to heavily invest in mainstream altcoins and quality themes.
An ETH bull market is the real bull market for on-chain users; once ETH stabilizes, the altcoin season will just begin.
Market outlook
Renowned Crypto YouTuber, Crypto Rover, believes that Ethereum is still in a state of being undervalued, accompanied by the chart. Currently, both the MVRV and price of ETH/BTC are at historical lows, and past similar phases (the 'green areas' in the chart) have often accompanied ETH price rebounds or relatively strong cycles.
Raoul Pal, CEO and founder of Global Macro Investor, is relatively optimistic, believing the current market has a 'fruitful feeling.' Although there will be brief and intense corrective fluctuations, the market should continue until around August. He also reminds the market to 'enjoy the fruits rationally.' He does not believe that August will be the peak of this cycle, but the second phase correction should occur in August, after which the market may enter a bear phase or the final surge leading up to 2026.
Well-known researcher CryptoAmsterdam released a trend range chart similar to that of Bitcoin, believing that if ETH can successfully stabilize around the current 'low point' of $2,000, it will bring an Alt Season to the market.
Crypto Predictions 'Crypto_Twittier' believes that although ETH has already broken the downtrend, it will be around $2,196 before the Alt Season.
ETH is encountering resistance, and only after this pullback breakthrough will it bring about Alt Season.
This is the 18th time ETH has broken through $2,000. Is your E guardian still around since the last breakthrough?
That's all for the article! If you feel lost in the crypto space, consider strategizing and harvesting profits with me!
