From Cointelegraph
April 23, 2025 2:02 AM:

Ethereum’s price surged, reaching $1,800 on April 23, with a 15% increase in the past 24 hours. This outperformed Bitcoin’s 6% gain and the overall crypto market’s 5% rise, pushing the total market value to $3 trillion. Some analysts suggest the worst may be over for ETH after a 30% recovery from its April 9 crash.

Market analysts predict a potential explosion for ETH, drawing comparisons to Bitcoin’s performance in late 2024. However, Jeff Mei, COO of BTSE, believes Ethereum’s gains are tied to Bitcoin’s price and overall market sentiment. ETH’s recent fall to bear market prices was influenced by global market downturns and fears of a trade war.

ETH’s market dominance hit a low of 7% on April 22, bouncing back to over 7.5% on April 23 after a price pump. Analysts note that ETH managed to protect 2019 all-time lows as support. The move was supported by a heavily shorted market experiencing a squeeze, with fundamental catalysts like an upcoming mainnet upgrade driving the rebound.

Technical indicators show that Ethereum was oversold on both daily and weekly timeframes, setting the stage for a rebound. The upcoming mainnet upgrade is seen as a fundamental catalyst for Ethereum’s recent surge. Analysts believe that the worst may be over for ETH, with potential for further gains in the near future.

Read more at Cointelegraph: Ethereum bounces back as market dominance recovers from all-time low