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Ethereum Blows Up 49% in a Week and Twitter Still Has Whiplash—Crypto Auntie Explains

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Ethereum (ETH) just strutted back onto the crypto stage like it left its phone charger there, catapulting over 49% in the past six days and briefly winking at the $2,700 mark. This is a price ETH hasn’t seen since February 23, back when our New Year’s resolutions were still alive and well.

The party started on May 7, right after Ethereum face-planted near $1,800—it’s like the world’s nerdiest soap opera, with an ongoing plotline about ETH possibly flippening old man Bitcoin. Yes, people are actually dusting off the “Ethereum will surpass Bitcoin” narrative like it’s an unflattering but vintage prom dress.

From FUD to FOMO: The Emotional Rollercoaster Crypto Twitter Deserves 🎢

According to Santiment (think: Web3’s people-watchers), ETH pulled off one of its most dazzling rebounds ever. If Ethereum were a gymnast, it just stuck the landing—twice, blindfolded. Analyst Brian Q called this a direct result of “crypto’s deeply irrational crowd behavior,” which is the analyst way of saying, “nobody knows what’s happening, but boy are we excited.”

Just a week ago, ETH was the butt of every group chat, Reddit post, and meme—Bitcoin Maxis were fist-bumping, ETH was getting called names not suitable for podcasts, and everyone predicted more doom. Then May 8th hit, and—surprise!—internet mobs started justifying their late night FOMO buys, hyping $3,500 price targets like they’d just discovered ETH that morning.

In Brian Q’s words, “We can really see how price calls across social media have done a complete 180 as doubters have been silenced by Ether’s rally.” Aka, bring back your deleted tweets, folks!

Years of underwhelming performance conditioned everyone to ignore Ethereum—sort of like that plant in your office you just assumed was fake and then suddenly it has a fruit on it. Santiment’s report puts it bluntly:

“With dismissal from the crowd comes massive pumps that blindside the doubters.” Translation: While you were looking for NFTs, ETH snuck out the back door with your snacks.

Institutions Jump In—Because Nothing Says ‘Fun’ Like a London Hedge Fund

This wasn’t just a wild retail fever dream. Institutional big shots—yes, the guys in suits who bought Bitcoin after Thanksgiving dinner—started scooping up ETH like it was on sale. Abraxas Capital (London-based, so you know they’re serious because they spell “capitalisation” with an ‘s’) vacuumed up 242,652 ETH worth over half a billion dollars. Apparently, in a single 72-hour window, they bought enough coins to be legally classified as a brunch crowd in Brooklyn.

Analysts like Rekt Capital (no relation to those times I tried to run for class president) point out this isn’t just a “short squeeze.” Last week’s finish above $2,514 means ETH returned to its big-kid price range of $2,200–$3,900. Any pullbacks just make $2,200 look like prime real estate.

There’s more: network fees are at bargain-bin prices, a shock to anyone who remembers paying $14 per transaction last year and wondering if wires were still a thing. Right now, the typical ETH user spends around $0.84 per tx. That’s less than a cup of coffee, and trust me—I live in New York, I’ve checked.

Of course, not everyone’s popping champagne. Some killjoys say this whole $2,400 to $2,700 zone is just Ethereum catching its breath—either before ramping up again or face-planting back to $2,300, maybe even $2,100, which coincidentally is also what it costs to fill up a tank of gas lately.

ETH’s up, bears are down (but still grumpy on Twitter), and everyone’s switching sides faster than you can say “flippening.” Stay tuned—next week we might be back to floor jokes, or rushing to congratulate our new crypto overlords. 🥳

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2025-05-14 15:08

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