Ethereum Surges Above $2,075 as Retail Traders Dump in Panic After Pectra Upgrade
Following a period of underwhelming price action and disappointment surrounding the long-awaited Pectra upgrade, many traders abandoned their ETH holdings in favor of meme coinsonly to miss out on a powerful rally.
According to on-chain analytics firm Santiment, Ethereum broke above the $2,075 mark for the first time in over six weeks, catching much of the retail crowd off guard. Just one day earlier, a wave of fear had swept the market, with social sentiment data showing a sharp rise in negative sentiment tied to the Pectra release.
This fear-driven capitulation proved to be an ideal buy signal.
Historically, Ethereums price has moved in the opposite direction of retail crowd expectations. Previous spikes in greed, such as on February 16 and March 23, marked local tops. Meanwhile, fear spikeslike those observed on April 68 and May 7have consistently lined up with bottoming patterns and rebound opportunities.
Ethereums rebound positions it once again as a market leader among large-cap assets, rewarding long-term holders who endured a prolonged period of price stagnation and underperformance.
With ETH reclaiming its spot above $2,075, market watchers are now eyeing whether the contrarian strategy will continue to pay off, particularly if meme coin euphoria begins to fade.
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Text source: Coindoo
