Yigit Taha OZTURK 
Ethereum (ETH) has surged nearly 15% in the past 24 hours, breaking past $1,800, outperforming Bitcoin (BTC) which saw only a 6% gain. Meanwhile, the broader crypto market recovered by 5%, pushing the total market cap back above $3 trillion.
You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!
Following its crash to $1,400 on April 9, ETH has now rebounded by nearly 30%, leading analysts to suggest that the worst may be behind for the world’s second-largest crypto asset.
Dominance Recovery And Technical Setup
Crypto analyst “Rekt Capital” highlighted that ETH market dominance had fallen to 7%, matching 2019 lows. However, by April 23, that share rebounded above 7.5%, signaling a bounce from a critical support level.
Markus Thielen of 10x Research stated that the market was heavily shorted, fueling a potential “short squeeze.” Technically, Ethereum was in an oversold zone on both daily and weekly timeframes, creating the perfect condition for a rebound.
An upcoming mainnet upgrade is also acting as a bullish catalyst, restoring confidence in Ethereum and signaling renewed strength in the crypto market.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.