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– In a 24-hour rally that began on May 8, Ethereum (ETH) surged 26.78% to $2,451 at the time of publication.

The scale of this movement is most evident when considering the change in ETH’s market capitalization, which increased by nearly $66 billion.

As of early May 8, the token was worth $232.84 billion, and on the morning of May 9, according to press reports, it reached $298.88 billion.

the change in Ethereum’s market capitalization per day.

ETH was among the few major cryptocurrencies that failed to set a new record during the 2024 bull market, and generally failed to meet expectations. The token’s cycle high was recorded on December 7, 2024, when its price exceeded $4,000.

Ethereum set its ATH at $4,721 on Nov. 11, 2021, meaning the token would need to rise 18.03% from its 2024 peak and 92.62% from its current price to repeat it.

Ethereum price dynamics over the last week.

What’s in store for Ethereum after its 26% one-day rally?

The recent rally, however, has opened up the prospect for the cryptocurrency to at least take part in the upcoming bull run. In recent months, ETH has been characterized by a subdued reaction to general rallies, and during periods of decline, it has tended to fall with the market.

Looking ahead, Ethereum’s short-term prospects will depend on its ability to overcome the two nearest resistance levels and stay above the nearest support in the event of a significant correction.

The token has already broken the nearest resistance at $2,336.90 and was targeting around $2,476.25 and $2,739.65 at the time of publication on May 9. In case of a correction, the price should hold above $1,934.15 to keep the uptrend firmly in place.

Finally, looking at ETH’s long/short ratio, it is encouraging to see that it is at 1,633 and above the May 8 lows, indicating that there is no significant bearish pressure.

the change in the balance between long and short positions on Ethereum since the beginning of May.

the balance between long and short positions paints a similar picture, as it is indeed lower on shorter time frames. The 24-hour value is 39.28% and the 4-hour value is 37.60% , according to data obtained by Finbold from Coinalyze on May 9.

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