Ethereum (ETH) Price Jumps Over 10%: Can It Keep Rising?

Ethereum (ETH) soared 10.93% in the past 24 hours, climbing to $1,818 during European trading hours on Wednesday and breaking a multi-month downtrend. The rally follows a broader upswing in the cryptocurrency market, led by a surge in Bitcoin (BTC).

ETH’s market capitalization has now swelled to $218.7 billion, while trading volume jumped 76.5% to nearly $28 billion, pointing to a sharp uptick in investor activity and market momentum. 

The price breakout marks Ethereum’s strongest 24-hour performance in recent weeks and underscores growing confidence across the altcoin space.

What’s Driving the ETH Price Surge

The latest Ethereum rally is driven by a confluence of factors. A broad-based uptrend across the cryptocurrency market, spearheaded by Bitcoin’s surge to a two-month high above $93,000, has lifted sentiment and provided upward momentum for altcoins like Ethereum. 

Over the past 24 hours, more than $137 million in Ethereum short positions were liquidated across crypto exchanges, according to CoinGlass data , reducing the downward pressure on ETH.

Adding to the bullish outlook, large investors or “whales” have resumed accumulating ETH in significant volumes, signaling renewed institutional confidence.

ETH Dominance Recovers From All-time Lows

At the same time, Ethereum’s market dominance, or the percentage of ETH’s market capitalization relative to the total cryptocurrency market, shows early signs of recovery after dipping to an all-time low of 7% on Tuesday. 

ETH dominance recovers from the all-time lows reached on Tuesday. Source: Tradingview

The drop marked a significant shift in market share as Ethereum lost ground to Bitcoin and other cryptocurrencies. Such low levels of ETH dominance were last seen in September 2019. 

As of the time of writing, Ethereum’s dominance has climbed to 7.55%, indicating a potential rebound as investor interest returns.

What’s Next?

Ethereum (ETH) has finally seen the breakout, breaking free from a multi-month downtrend and closing above it on a daily chart. 

If the market momentum remains positive, there’s potential for ETH to rally towards the $2.3K-$2.5K range by May, says crypto trader Cas Abbe.

CryptoVIP Signal traders note that ETH is currently testing a key resistance level of $1,810. 

If the price holds above this mark, a move towards the next major resistance at $2,000 is possible. 

However, a rejection at this level could push the Ethereum price back down to $1,500. According to them, the next two to three days will be critical in determining ETH’s next move.

 If ETH the price holds above this mark, we could see a move towards the next major resistance at $2,000. However, a rejection at this level could cause the price to drop back to $1,500. The next two to three days will be critical in determining ETH’s next move.

Why This Matters

Ethereum’s recent breakout and price surge highlight a shift in market sentiment. With a recovery in ETH dominance and increased institutional interest, the next steps for Ethereum could pave the way for a significant rally in the coming weeks, potentially pushing prices to new highs.