Ethereum has experienced a significant surge in price over the past week, surging nearly 50% and surpassing the $2,700 mark. This recent jump follows an impressive drop below $1,800 just days ago, and now retail investors are eager to jump back into the market. What does this mean for Ethereum’s future? Santiment, a prominent crypto analytics platform, has shared insights on its comeback. In 2017, Ethereum was positioned as a potential competitor to Bitcoin as the top cryptocurrency thanks to its smart contracts and developer-friendly ecosystem. Despite not achieving that status, the debate over Ethereum’s ability to overtake Bitcoin continues. The social sentiment regarding Ethereum has also shifted dramatically. The bears were once in control, with doubts about Ethereum’s growth potential as other cryptocurrencies gained traction. However, after a recent rally, the doubters are now silenced, with some analysts predicting $3,500 or even higher. Transaction fees have also played a role in this price surge, declining to around $0.84 per transfer, down significantly from the $7 range just six months ago. Abraxas Capital recently bought a significant amount of Ethereum ($84.7 million) and may be playing a key role in the recent price increase. (link to Twitter). Lookonchain data reveals that Abraxas has accumulated over 211,000 ETH worth $477 million in just six days, further contributing to the surge. Ethereum’s rally has wiped out over $240 million in bearish bets, and the total liquidation on this move is around $387 million. Technical indicators are generally positive, with key moving averages (50, 100, and 200-day EMAs) displaying buy signals, while the MACD also points to further upside potential. However, a reading of 79 on the RSI indicates potential pullbacks in the near future. If the bulls maintain momentum, Ethereum may test the $2,750 resistance soon, pushing toward $3,000. However, if bears gain control, ETH could drop back to around $2,100. Overall, Ethereum’s comeback highlights the volatility of the crypto market. While there is room for continued growth, it’s essential to watch out for potential pullbacks and remain patient.