Ethereum Defies Skeptics With 49% Surge in Just Six Days—Santiment Data Shows
Ethereum just pulled off a gravity-defying act—rocketing nearly 50% in under a week while critics scrambled for explanations. Santiment’s on-chain data confirms what the charts scream: the rally caught even seasoned doubters flat-footed.
No ’slow grind’ here—ETH slingshot past key resistance levels like they were afterthoughts. Retail FOMO? Institutional accumulation? The metrics hint at both.
Meanwhile, Wall Street quants still can’t decide if crypto’s a ’hedge’ or a ’risk asset’—but Ethereum’s network activity doesn’t wait for their spreadsheets to catch up. Another reminder: in crypto, the market moves first and asks permission never.
From FUD to FOMO
According to a May 13 report from Santiment, Ethereum’s six-day run, which took it from under $1,800 to over $2,700, marked one of the sharpest rebounds in recent memory and triggered a dramatic shift in sentiment.
Analyst Brian Q partly attributed the turnaround to crypto’s deeply irrational crowd behavior. He noted that just a week ago, social media was rife with jokes about Ethereum’s underperformance, with bearish price calls for ETH dominating online conversations between May 6 and 7 as the asset lagged behind rivals.
However, once the rally started on May 8, the mood flipped dramatically, as retail traders scrambled to justify entry points, with some speculating on the altcoin going to $3,500 and beyond.
“We can really see how price calls across social media have done a complete 180 as doubters have been silenced by Ether’s rally,” wrote Brian Q.
Santiment also noted how years of underperformance had conditioned the market to dismiss Ethereum, only for the world’s second-largest cryptocurrency by market cap to pump when least expected.
“With dismissal from the crowd,” the report stated, “comes massive pumps that blindside the doubters.”
Institutional Moves and On-Chain Signals
Interestingly, the rally coincided with aggressive accumulation by some institutional players. On-chain tracker Lookonchain reported that in the last week, London-based Abraxas Capital bought 242,652 ETH worth some $561 million, with 185,309 ETH valued at $400 million plucked from exchanges in just 72 hours.
Experts say ETH’s price action is more than just a short squeeze, with analyst Rekt Capital pointing out that the cryptocurrency closed last week at $2,514, officially reclaiming its macro $2,200 to $3,900 range lost in the first quarter of 2025.
“Any dips, if needed at all, WOULD only solidify $2,200 as range-low support,” he wrote on May 12, while also highlighting the asset’s attempts to fill a macro CME gap between $2,900 and $3,350.
Adding to Ethereum’s strength is the surprisingly low network fee environment. Previously, Santiment noted that average transaction fees remain around $0.84, well below the $7+ seen six months ago, removing a common barrier to adoption.
However, cautious voices have warned that the current trading zone between $2,400 and $2,700 could be a consolidation phase before the next leg up or a possible shakeout. According to Daan crypto Trades, if momentum falters, there may be a possible retest down to $2,300 or even $2,100.
