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After being drastically outperformed by Solana (SOL) for the past three months, the price of Ether (ETH) suddenly spiked 8.9% in the last 24 hours, leading to some bullish sentiment returning to Ethereum.

The revenge of the ETH is starting, wrote Jordi Alexander, the chief investment officer at Selini Capital, in a Dec. 27 post to X (formerly Twitter).

Alexander pointed to a recent rally across several altcoins and Michael Saylor buying another $615 million worth of Bitcoin on Dec. 26 as solid foundations for ETH to make an upside move over the next few weeks.

The risk/reward on Ether is so compelling here, that I see a liquidity black hole now forming in January, he added.

Pseudonymous trader Pentoshi added his bullish target for Ether, posting a semi-cryptic chart to X with an approximate price target of $3,485.

Slowly, then all at once, he added.

The conflict between community members from the Solana and Ethereum ecosystems reached a fever pitch over the last few weeks.

While Ether has gained 102% year-to-date, its price performance has been dwarfed by that of Solana, which has posted a whopping 951% gain since the beginning of this year, per TradingView data.

Ethers 102% gain was dwarfed by Solanas staggering 951% year-to-date rally. Source: TradingView

This outsized price performance, along with a tidal wave of relative on-chain activity, led many to assert that the networks lower fees and faster settlement times made it the superior blockchain when compared to Ethereum.

Related: Does Bitcoin's dominance drop hint at full-blown altcoin season?

On the other hand, Ethereum backers claimed that the networks architecture was more suited to larger entities conducting business on-chain and pointed to layer-2 scaling solutions like Optimism and Arbitrum as examples of cheaper fees on ETH.

At the time of publication, ETH is changing hands for $2,417, up 8.9% in the last 24 hours. Meanwhile, Solana has taken a breather from its recent upward tear, trading at $104 a loss of 4.2% in the last day.

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'Revenge of the ETH' Is Ethereum's 9% jump the start of something big? - Cointelegraph