Ethereum has surged 15%, outperforming both Bitcoin and the broader crypto market, and helping it recover from a record low in market dominance.
Ethereum’s price has surged after having been in the doldrums for weeks, helping boost its market share after it hit record lows.
Ethereum (ETH) has jumped nearly 15% in the past 24 hours, surpassing $1,800 on April 23. It has outpaced Bitcoin’s 6% rise and outperformed the broader crypto market, which gained almost 5% to reach a total valuation of $3 trillion.
Ether has now rebounded nearly 30% from its April 9 drop to $1,400, prompting some analysts to believe that the worst could be behind for the world’s second-largest cryptocurrency.
“Say what you want about Ethereum, but when it rallies, the whole crypto market benefits,” noted crypto trader and analyst “Income Sharks” in a post to their 640,000 followers on X.
Market analyst “Ash Crypto” claimed that ETH was “on the verge of exploding,” comparing its current chart pattern to Bitcoin’s price movement in late 2024.
Jeff Mei, chief operating officer at crypto exchange BTSE, remained unconvinced that Ethereum’s rally was independent. He told Cointelegraph that ETH’s rise was “mostly driven by tracking Bitcoin and the broader market,” and added that Paul Atkins’ confirmation as U.S. SEC chair had lifted overall market sentiment.
Earlier this month, ETH slipped to bear market levels and saw its market share shrink, as a broader market slump took hold amid growing concerns over a potential trade war.
On April 22, analyst “Rekt Capital” noted that ETH’s market dominance had dropped to all-time lows but successfully held its 2019 all-time low level as a support zone.
According to TradingView, ETH dominance dropped to 7% on April 22, matching its September 2019 low. However, a strong price surge helped it rebound from this key support level, climbing back above 7.5% by April 23.
Markus Thielen of 10x Research told Cointelegraph that Ethereum’s recent rise didn’t require much, noting that a “heavily shorted market is now going through a squeeze.”
He explained that, from a technical standpoint, Ethereum was oversold on both daily and weekly charts, creating favorable conditions for a rebound.
