Clearly ETH didn't just become worth several times its value in the space of a few weeks.
Don't take this the wrong way, but you gotta read the news more often. Major US corporations in Tech and Wall Street announced an alliance project based on the Ethereum platform. That's the single piece of news that cause this run on ETH.
Here's the article: https://www.nytimes.com/2017/02/27/business/dealbook/ethereum-alliance-business-banking-security.html?_r=0
I believe that there is a lot of hype going on, and when there is hype, there is a rise. But after that rise inevitably every time there will be a huge crash and people's confidence destroyed again.
Wise point here except when it doesn't happen. Let's take the time that BTC ran up from $10-20 range to over $100 and beyond. It's never been below $150 since. So, was that run up "irrational exuberance" or genuine asset appreciation? The fact that it hasn't crashed back yet leads me to believe it's the latter.
Everyone likes to say "it's a bubble!"...but then, sometimes...it isn't.
This thing with ETH doesn't feel like a bubble, it feels like ETH is finally breaking out.
Please, I have read ALL the news there is to read. Like EVERYTHING in this mad wild wild west of ecosystem it's just one story to latch on - and smart and dumb speculators either use it to their advantage or get sucked in. This is NOT a mature technology, it's all speculated potential and there are too many manipulators who can have the fire power to swing the markets, even BTC.Like I've said I have been in this market for a long time. When you get consecutive 20% bumps in price on a daily basis the end is in sight. It's just a matter of when. Perhaps the previous ATH will hold (I think around $20 might be more sensible target) and yes, the overall trend for people holding will still be very healthy (that's why I am far from selling everything). But you are smoking crack or just spreading lies if you don't think this is irrational exuberance right now (edit: or manipulation)