Ethereum (ETH) has staged an impressive comeback, outperforming Bitcoin and the broader crypto market with a 15% price surge, bouncing off its lowest-ever market dominance.
ETH Reclaims Momentum After Hitting Market Share Lows
After weeks of lagging behind, Ethereum’s price shot up by nearly 15% in just 24 hours, briefly topping $1,800 on April 23. This bullish move outpaced Bitcoin’s 6% gain and helped lift the total crypto market cap back above the $3 trillion mark.
Ethereum’s resurgence comes after it crashed to $1,400 on April 9, marking a 30% recovery in just two weeks. The rebound helped ETH recover from its September 2019 market dominance low of 7%, bouncing back above 7.5% on April 23.
Traders See Strength in the ETH Rally
Crypto analyst “Income Sharks” told their 640,000 followers on X that despite skepticism, Ethereum’s rallies lift the entire crypto ecosystem. Meanwhile, analyst “Ash Crypto” predicted an ETH breakout, noting similarities between Ethereum’s current chart and Bitcoin’s 2024 performance.
However, some analysts remain cautious. Jeff Mei, COO of crypto exchange BTSE, said Ethereum’s rise may not be independent. He believes ETH is “tracking the price of Bitcoin and the overall market,” and pointed to improved investor confidence following Paul Atkins’ confirmation as SEC chair.
ETH Was Technically Oversold Before the Pump
Market researcher Markus Thielen of 10x Research said Ethereum’s surge was triggered by a short squeeze in a heavily shorted market. He also highlighted that ETH was technically oversold on both daily and weekly charts, creating conditions for a strong bounce.
Thielen added that a key upcoming upgrade heading to Ethereum mainnet may also be driving renewed investor interest and price momentum.
Ethereum Outlook Improves Amid Crypto Market Recovery
Ethereum’s price action reflects growing optimism in the crypto market, especially as macro fears like trade war tensions begin to fade. While ETH market dominance remains below historical averages, its bounce from critical support levels signals renewed strength ahead.
