Ethereum (ETH) Price Jumps Over 10%: Will the Bullish Momentum Continue?
Ethereum (ETH) has made an impressive jump, rising over 10% in just 24 hours, marking a significant turning point after months of bearish pressure. However, the big question now is: Can ETH sustain this bullish momentum?
Breakout After Long Stagnant Period
In the European morning session on Wednesday, ETH hit $1,818, up 10.93% in a day. This is the coin's biggest gain in weeks and the first time ETH has broken the downtrend that has lasted since the beginning of the year.
At the same time, Ethereum's market capitalization surpassed $218.7 billion, while trading volume jumped 76.5% to nearly $28 billion. These figures reflect a surge in investor activity and indicate that market sentiment is turning positive.
What’s Behind the Strong Price Increase
The main driver behind Ethereum’s recovery is the bullish wave that has spread across the entire cryptocurrency market, led by Bitcoin – the largest cryptocurrency by market cap, which has surged to a two-month high above $93,000.
In addition, data from CoinGlass shows that more than $137 million worth of ETH short positions have been liquidated in the past 24 hours. This has removed selling pressure and facilitated a sharp price increase.
Notably, “whales” – institutional investors who own large amounts of ETH – are also actively buying, a sign that long-term confidence in this coin is returning.
ETH Market Share Rebound
Another positive sign is that ETH’s market dominance – the percentage of Ethereum’s market capitalization relative to the entire crypto market – has recovered after hitting a historic low of 7% on Tuesday. As of now, the figure has risen to 7.55%, signaling a resurgence of ETH relative to other altcoins.
Such a low dominance level was only seen in September 2019, when Ethereum temporarily fell behind while Bitcoin led the trend. This reversal could usher in a new bull cycle.
What will happen to ETH in the coming days?
According to technical analysts, Ethereum has officially broken through a long-term downtrend line and closed the daily candle above it – an important technical signal. If the rally continues, ETH could head towards a new resistance zone around $2,000, and further to the $2,300-$2,500 zone in May.
However, analysts from CryptoVIP Signal warn that ETH is currently testing a key resistance zone at $1,810. If it fails to hold above this level, the price could fall back to the $1,500 zone.
“The next two to three days are going to be crucial,” said trader Cas Abbe. “They will determine whether ETH can establish a solid uptrend or not.”
Why is this important?
Ethereum’s strong bounce is not only a technical move, but also a signal of renewed confidence in the second-largest altcoin by market cap. If ETH can sustain its gains, it could be the start of a stronger recovery – and potentially even help Ethereum regain some of the market share it lost to Bitcoin.