Ethereum Breaks $2,700 with 50% Rally — Will $3,000 Be the Next Stop?

Ethereum surged nearly 50% in under a week, climbing past $2,700. With whale activity rising and fees dropping, traders eye $3,000—if momentum and sentiment hold.

Ethereum (ETH) has pulled off a stunning rebound, surging almost 50% in the past six days, climbing from below $1,800 to over $2,700. This rapid recovery has caught many off guard and reignited bullish sentiment around the second-largest cryptocurrency by market cap.

The sudden turnaround has shifted market mood. Just days ago, skepticism surrounded Ethereum, with retail investors hesitating and altcoins stealing the spotlight. But as ETH regained momentum, chatter of $3,000 and even $3,500 price targets has resurfaced.

According to on-chain insights from Santiment, this reversal echoes debates dating back to 2017, when many speculated Ethereum might overtake Bitcoin due to its smart contract capabilities and vibrant developer ecosystem. While that “flippening” never materialized, the conversation around Ethereum’s long-term dominance remains active.

One key tailwind for the recent price surge is declining transaction costs. Ethereum’s average transfer fee is now hovering around $0.84, significantly lower than the $7 range six months ago. However, analysts warn that if fees creep back above $2, the rally could face headwinds as users reassess network usability.

Fueling the price spike, data from Lookonchain highlights a massive buy-in by Abraxas Capital, which acquired 33,482 ETH worth approximately $84.7 million on May 13. The firm’s total Ethereum holdings now exceed 211,000 ETH, valued at $477 million, accumulated over the past week.

Such concentrated institutional accumulation is viewed as a major confidence booster, especially when retail interest is reigniting in parallel. Market observers believe that if Ethereum maintains its network efficiency and social sentiment stays positive, a push toward $3,000 could come sooner than expected.

At the same time, the speed of this surge means traders are watching closely for potential pullbacks. Momentum has shifted fast, but price stability above $2,700 will be crucial for Ethereum to confirm a new breakout trajectory.

For now, all eyes are on network activity, whale behavior, and fee metrics—three indicators that may decide whether this is just a relief rally or the beginning of a new Ethereum cycle.

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