Santiment: Ethereum's 6-Day, 49% Surge Takes Skeptics by Surprise

Ethereum has made a strong comeback, increasing by over 49% in six days to temporarily exceed $2,700, a price unseen since February 23. This rally, which began on May 7, has revived the long-standing theory that Ethereum might surpass Bitcoin in market capitalization.

The surge has been linked to the unpredictable behavior of the crypto crowd. Prior to the rally, social media was filled with jokes about Ethereum's underperformance, but as the rally took off, the sentiment shifted significantly. The recent rally also coincides with aggressive accumulation by institutional players.

Despite the strong performance, some analysts warn that the current trading zone between $2,400 and $2,700 may be a consolidation phase before the next increase or a potential shakeout.