- Ethereum has surged nearly 15%, bouncing back from recent lows and pushing its price above $1,800.
- Its market dominance also recovered, climbing from an all-time low of 7% to over 7.5% amid renewed bullish sentiment.
After weeks of sluggish performance, Ethereum is roaring back to life. The world’s second-largest cryptocurrency by market cap surged nearly 15% in the past 24 hours, breaking past the $1,800 mark on April 23. The sharp rally marks a dramatic turnaround from its April 9 low of $1,400, representing a recovery of almost 30%—a welcome boost for long-term holders and traders alike.
Ethereum’s bounce didn’t just revive its price; it also revitalized its position in the broader crypto ecosystem. ETH’s market dominance, which dipped to an all-time low of 7% just a day earlier, has now rebounded above 7.5%, according to TradingView. Crypto analyst “Rekt Capital” noted that while dominance had fallen to levels not seen since 2019, Ethereum managed to protect this critical support zone, setting the stage for a potential trend reversal.
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Crypto personalities are weighing in with optimism. Analyst “Ash Crypto” compared the current ETH chart setup to Bitcoin’s bullish pattern from late 2024, saying ETH is “about to explode.” Similarly, trader “Income Sharks” highlighted Ethereum’s role as a market driver, stating, “You can hate Ethereum all you want, but when it has a big day, the entire crypto ecosystem goes up.”
Still, some remain cautious. Jeff Mei, COO at crypto exchange BTSE, believes Ethereum’s surge is less about independent strength and more about it tracking Bitcoin’s rally and the broader market uplift. He also pointed to the recent confirmation of Paul Atkins as SEC chair as a factor in improving investor sentiment.
Fundamentally, Ethereum’s rebound may also be the result of market mechanics. According to Markus Thielen of 10x Research, the market was heavily shorted, and Ethereum was oversold on both daily and weekly timeframes—conditions ripe for a short squeeze and a technical bounce.
With the crypto market’s total capitalization once again brushing the $3 trillion mark, Ethereum’s comeback could signal the end of its recent slump—and possibly the beginning of a new bullish chapter.
