Source: Cointelegraph Original: "{title}"
Ethereum's price has rebounded after weeks of stagnation, helping its market share recover from a historic low.
Ethereum has risen nearly 15% in the past 24 hours, breaking through $1,800 on April 23, outperforming Bitcoin, which increased by 6%, while the entire crypto market also rose by nearly 5%, reclaiming a total market capitalization of $3 trillion.
Since dropping to $1,400 on April 9, Ethereum has rebounded nearly 30%, with some analysts suggesting that this may indicate the worst moment for the world's second-largest crypto asset has passed.
Crypto trader and analyst "Income Sharks" commented on Twitter to its 640,000 followers: "You can hate Ethereum, but when it has a big surge, the entire crypto ecosystem rises."
Market analyst "Ash Crypto" stated that Ethereum is "about to explode," comparing the current Ethereum chart pattern to Bitcoin's performance at the end of 2024.
Jeff Mei, COO of the crypto exchange BTSE, noted that Ethereum's rise is not driven independently. In an interview with Cointelegraph, he stated that Ethereum's increase is "mainly following the price trends of Bitcoin and the overall market," pointing out that the confirmation from SEC Chairman Paul Atkins has improved overall market sentiment.
Earlier this month, Ethereum fell back to bear market prices and saw its market share decrease amid a broad market downturn influenced by trade war concerns.
On April 22, analyst "Rekt Capital" noted that Ethereum's market dominance had dropped to a historic low but "successfully defended the 2019 historic low as a support level."
According to TradingView data, Ethereum's market dominance fell to a low of 7% on April 22, the lowest since September 2019. However, the subsequent price increase allowed this share to rebound from this key support level, rising back above 7.5% on April 23.
Fundamental Catalysts Supporting This Move
Markus Thielen from 10x Research stated in an interview with Cointelegraph that there are not many reasons driving Ethereum's rise, as "a heavily shorted market is now experiencing a squeeze."
From a technical perspective, he noted that Ethereum is in an oversold state on both daily and weekly time frames, laying the groundwork for a rebound.
"With the upcoming upgrade migrating to the mainnet, this is also a fundamental factor supporting this upward trend."
Related: Analysts: Bitcoin (BTC) holders should be cautious about the rebound due to lagging stablecoin indicators.
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