Ethereum (CRYPTO: ETH) has surged 20% in the past 24 hours to trade at $2,343, extending a two-week rally that has pushed the asset up 32%.
The move, however, still leaves it 52% below its all-time high of $4,878.26, recorded on November 10, 2021.
But according to industry experts, this rebound reflects more than just a technical bounce—it points to renewed conviction in Ethereum’s long-term structural role in the blockchain ecosystem.
What Experts Are Saying: Speaking with Benzinga, Steve Milton, Co-Founder and CEO of crypto infrastructure firm Fintopio, notes that the latest rally underscores Ethereum’s internal strength, independent of major institutional flows.
“Ethereum’s latest rally, despite relatively modest ETF inflows, highlights how much strength still comes from within the crypto ecosystem itself,” he said.
According to Milton, while many expected traditional finance to drive price action through the recent Ethereum ETF approvals, it was crypto-native capital that led the charge.
“This move appears to be driven more by crypto-native capital than traditional institutional flows,” Milton added. “It reinforces the idea that Ethereum is increasingly seen as foundational infrastructure, not just a speculative asset.”
He emphasized that Ethereum’s expanding role across decentralized finance (DeFi), Layer-2 scaling solutions, and smart contract platforms is now being reflected in investor behavior. “Narratives, whether negative or overly bullish, can often cloud real value. But strong fundamentals tend to come through over time, and Ethereum’s continued relevance shows that substance matters more than sentiment.”
The market dynamics also seem to validate the idea that Ethereum, in periods of low external hype, can still find upside through endogenous drivers, especially during network development milestones like the recent Pectra upgrade.
Eugen Kuzin, CMO and board member at Cryptopay, offered a more technical assessment of Ethereum’s recent performance, placing it within the broader market correction that followed a sharp decline from late 2024 highs.
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“Ethereum has significantly dropped in the past few months, a movement that some attributed in part to the reported $1.5 billion ByBit hack,” Kuzin told Benzinga. “On December 16th, ETH hit approximately $4,100 and then lost 66% of its value, falling to around $1,380 by April 10 and entering a consolidation period.”
Kuzin noted that while Bitcoin’s decline over the same period was just 31%, Ethereum’s deeper correction created a potential buying opportunity.
“The ETH/BTC pair became significantly oversold, drawing attention from traders who view Ethereum as a high-risk, high-reward play in the altcoin space,” he explained.
But the recent upswing has not occurred in a vacuum. Ethereum’s Pectra hard fork, launched on May 7, introduced structural changes that may have played a role in the price movement.
These included higher token burn rates, reportedly pushing Ethereum’s deflation rate above 1% annually, as well as technical upgrades that improved staking and wallet flexibility.
According to Kuzin, this combination of internal improvements and external pressure created a volatile but upward-moving environment.
“Nearly $500 million in ETH liquidations have occurred over the past few days, surpassing those in BTC and other altcoins,” he said. “This suggests a high volume of short positions from bears, potentially influenced by geopolitical concerns, including the India-Pakistan crisis. Some observers believe this may have contributed to more significant price growth.”
Both Milton and Kuzin agree that the present move is less about hype and more about repositioning.
While ETF flows for Ethereum have so far remained modest, around $100 million, according to data from Bloomberg, market participants have demonstrated that capital rooted in the crypto economy itself remains a dominant force.
The current rally may also be seen as Ethereum recalibrating to its historical trajectory following an extended drawdown.
What’s Next: Whether the momentum will sustain remains uncertain, but with structural upgrades, a reinforced monetary policy via burn mechanisms, and a realigned ETH/BTC valuation, analysts are beginning to revisit higher price targets.
A break above $2,500 would be a critical psychological and technical marker, potentially setting the stage for Ethereum to reapproach the $3,000 range if macro conditions remain stable.
Meanwhile, Georgii Verbitskii, market analyst and Founder of TYMIO, a crypto investor app said that after a long sideways range, the market is now seeing a strong impulse move—technically a high-probability setup for continued growth.
“I think altseason could start right after Bitcoin reclaims its all-time high. We’ve likely already seen the medium-term lows across most major coins, so the downside risk looks limited. Unless something unexpected happens geopolitically, the next couple of months could be very strong for crypto,” he said.
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