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Ethereum price rises 15% as market dominance recovers above 7%

Ethereum price rises 15% as market dominance recovers above 7%

GrafaGrafa2025/04/23 14:00
By:Mahathir Bayena

Ethereum (CRYPTO:ETH) surged nearly 15% in 24 hours on April 23, climbing above $1,800 after trading near $1,400 earlier in the month.

The move outpaced Bitcoin’s (CRYPTO:BTC) 6% gain over the same period and helped Ethereum’s market dominance rebound from an all-time low near 7% on April 22 to over 7.5%, according to TradingView data.

“You can hate Ethereum all you want, but when it has a big day, the entire crypto ecosystem goes up,” commented analyst “Income Sharks” on X.

“Ash Crypto” compared Ethereum’s chart pattern to Bitcoin’s late 2024 performance, suggesting Ether may be preparing for a breakout.

Jeff Mei, COO at crypto exchange BTSE, said that Ethereum’s rally tracked Bitcoin’s momentum and overall market sentiment.

He also noted that Paul Atkins’ confirmation as SEC chair improved investor confidence, which may have influenced Ethereum’s rebound.

Ethereum’s market share had declined amid broader market weakness tied to geopolitical tensions, reaching its lowest point since 2019.

“Rekt Capital” pointed out that Ethereum “managed to protect 2019 all-time lows as support,” indicating potential stability in its dominance levels.

10x Research’s Markus Thielen said the market had been heavily shorted and is now experiencing a squeeze, helping fuel the price spike.

He added that Ethereum was technically oversold on daily and weekly charts, contributing to the sharp recovery.

Thielen also highlighted the upcoming network upgrade as a potential fundamental catalyst behind the rally.

At the time of reporting, the Ethereum (ETH) price was $1,786.09.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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