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Ethereum (ETH) appears to be finally waking up from its slumber as the second-largest cryptocurrency by market cap jumped 8% in the past 24 hours, breaching the key $3,800 price level.
Is God’s ETH Candle On The Horizon?
The rise of Ethereum seems to be accompanied by the decline of the dominance of Bitcoin (BTC). This important metric is tracked to measure the share of the total crypto market dominated by the top cryptocurrency.
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According to the chart below, BTC dominance has been declining surprisingly two weeks ago – it went from 61.1% on November 20 to 54.9% at the time of writing. As before reportTrading firm QCP Capital highlighted BTC dominance sliding below 58% as a key situation that could signal the start of the altcoin season.
With ETH now above the $3,800 level, analysts are weighing in on how far the digital asset can rally. Crypto analyst @venturefounder shared his target for ETH at X, pointing to a long cup and handle pattern that ETH has formed since November 2021. He noted that if ETH confidently breaks $3,800, it could rise to $7,346.
Similarly, crypto analyst Ali Martinez shared his insights on ETH’s recent price action. Martinez stressed that the $3,300 support level could be a ‘potential buying opportunity’ if the digital asset pulls back from its recent rally.
Martinez added that his medium-term goal for ETH remains $6,000, and the long-term goal is $10,000. The analyst also highlighted the continued growth of the Ethereum network over the past month, with more than 134,000 new Ethereum addresses added every day.
Another crypto enthusiast, @MisterSpread noted that if ETH breaks the $4,000 area, there is a “great chance that we will see God’s candle at $5,000.” Indeed, ETH breaking out of a three-year long slump and attempting to establish an all-time high (ATH) has caught the attention of the entire crypto industry.
Ethereum Fundamentals Keep Going Strong
Although BTC has led much of the current crypto rally, experts believe me Ethereum may be in the spotlight due to many positive developments in the smart contract space. For example, Ethereum exchange-traded funds (ETF) at the end to attract large daily income, against BTC ETFs consistently.
In addition, several network improvements are proposed – including Ethereum Improvement Proposal-7781 and possibility to reduce in the amount of ETH required to participate in network holdings can act as incentives for ETH to hit new ATH.
That is, anxiety stay about ETH’s ‘ultrasound currency’ account due to inflation induced by the rate of cryptocurrency issuance. ETH is trading at $3,820 at press time, up 8 % in the last 24 hours.
Featured image from Unsplash, Charts from X.com and Tradingview.com