So, Ethereum, the digital darling that had been sulking in a gloomy crypto corner, decided to pull itself together with a display of price gymnastics that would make even the most seasoned stockbroker blink. After weeks of looking like a sad puppy, its price rallied, dragging its market share up from the abyss like a stubborn cat clinging to a curtain.
In the last 24 hours, Ether (ETH) jumped nearly 15% to flirt with the $1,800 mark on April 23. Meanwhile, Bitcoin politely climbed 6%, and the broader crypto circus managed a modest 5% lift, nudging the overall market cap back to a hefty $3 trillion. Yes, trillion, with a “t”—not just for causing existential dread but for big numbers.
Since its dramatic nosedive to $1,400 on April 9, Ether has clawed back about 30%, prompting some optimists to whisper that maybe, just maybe, the worst of this crypto rollercoaster is finally behind us.
As one savvy cryptic oracle known as “Income Sharks” declared to their army of 640,000 X followers, “You can hate Ethereum all you want, but when it has a big day, the entire crypto ecosystem goes up.” Poetic, isn’t it?
Even the market seer “Ash Crypto” threw in some bullish prophecy, suggesting ETH is “about to explode,” nostalgically comparing Ether’s current chart to Bitcoin’s “late 2024 glow-up.” Spoiler: it sounds like a Hollywood sequel.
But before you get carried away, Jeff Mei, the crypto exchange BTSE’s pragmatic COO, shrugged off any notion of Ether’s grand independence. He told CryptoMoon that Ethereum’s recent dance was mostly a partner routine with Bitcoin and the broader market, buoyed by Paul Atkins donning the SEC’s chair hat—some say this gave investors a bit of sugar-rush optimism.
Only weeks ago, ETH was wading in bear market muck, gasping under the weight of a shrinking market share and the looming threat of a trade war putting a sour face on things.
On April 22, analyst “Rekt Capital” grimly noted ETH’s dominance had slipped to fresh all-time lows. Yet, like a vintage wine saved from the cellar, it managed to hold the 2019 all-time low line as a cozy support mattress.
The numbers tell the story: ETH dominance plummeted to 7%—a low last seen in September 2019—only to rebound to 7.5% the very next day. Not exactly a comeback fit for an epic movie, but hey, it’s progress.
Fueling the Comeback Engine 🔥
Markus Thielen from 10x Research chimed in with some no-nonsense analysis for CryptoMoon: the market was just waiting to snap — “a heavily shorted market is now experiencing a squeeze.” Imagine a herd of traders suddenly realizing they’ve bet against the bull too long.
Technically speaking, Ethereum was so oversold on daily and weekly charts it basically begged for a bounce. And with an “upcoming upgrade moving to mainnet” looming like the final boss in a video game, there’s a real fundamental reason for traders to get excited.
“With the upcoming upgrade moving to mainnet, there’s also a fundamental catalyst supporting the move.”
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2025-04-23 09:19