Ethereum Gains 6.4% as Altcoin Dominance Improves
Ethereum has risen approximately 6.4% over the past 24 hours, with its price reaching $2,081.38 at the time of writing, surpassing the broader market’s increase of 4.44%.
Part of the recent relief came from softer U.S. inflation, which printed at 2.4% vs. 2.5% expectation and renewed Brazil reserve headlines.
Shorts trading got squeezed, open interest climbed, and prices pushed higher. But sentiment is still sitting in extreme fear. That’s the kind of setup where moves can flip quickly, analysts said.,
Trading details show a strong correlation (0.95) with the Russell 2000 ETF, indicating a macro-driven move across risk assets. Investors are now piling behind altcoin as BTC struggles to keep $70k price level.
Ethereum’s gain closely tracked a surge in broader risk assets, crypto analysts reported. The total crypto market cap rose 4.44%, and strong 24-hour correlations were seen with the iShares Russell 2000 ETF at 0.95 and Gold at 0.90.
Crypto analysts said the price movement points to a macro-driven move rather than a coin-specific catalyst. Ethereum’s market dominance increased slightly from 10.33% to 10.53% over 24 hours, while Bitcoin’s dominance was flat and “others” declined.
This suggests some capital may have rotated from smaller altcoins into Ethereum. Traders showed a modest preference for Ethereum’s relative stability and size amid the market-wide move.
The path of least resistance is cautiously higher if macro support continues, but the market remains fragile. A decisive break and close above $2,100 on increasing volume to confirm bullish momentum.
Ethereum’s rise is primarily a function of a recovering macro environment for risk assets, with minor support from intra-crypto rotation. #Ethereum Gains 6.4% as Altcoin Dominance Improves
XRP Declines to $1.68, Fresh Entry Point for Investors
The post Ethereum Gains 6.4% as Altcoin Dominance Improves appeared first on MarketForces Africa.