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Ethereum (ETH) appears to be finally waking up from its slumber as the second-largest cryptocurrency by market cap rose 8% over the past 24 hours, breaching the key $3,800 price level.
Is there an ETH bullseye on the horizon?
The rise of Ethereum appears to be in line with the declining dominance of Bitcoin (BTC). This important metric is tracked to measure the share of the total crypto market capitalization controlled by the top cryptocurrency.
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According to the chart below, BTC’s dominance is declining dramatic in the past two weeks – from 61.1% on November 20 to 54.9% at the time of writing. As before reportedTrading firm QCP Capital highlighted BTC’s dominance dropping below 58% as a key condition that could signal the start of altcoin season.
With ETH breaching the $3,800 level, analysts are weighing how far the digital asset can rise. Crypto analyst @venturefounder shared his target for ETH at He noted that if ETH decisively breaks USD 3,800, it could rise to USD 7,346.
Similarly, crypto analyst Ali Martinez shared his insights on ETH’s recent price action. Martinez highlighted that the $3,300 support level could be a “potential buying opportunity” if the digital asset were to pull back from the recent surge.
Martinez added that his medium-term target for ETH remains $6,000, while the long-term target is $10,000. The analyst also highlighted the steady growth of the Ethereum network over the past month, with more than 134,000 new Ethereum addresses added every day.
Another crypto enthusiast, @MisterSpread noted that if ETH breaks the $4,000 area, there is a “high chance we see a God candle to $5,000.” Breaking a three-year downtrend and attempts to reach a new all-time high (ATH) have captured the attention of the entire crypto industry.
The fundamentals of Ethereum are going from strength to strength
Although BTC has led much of the current crypto rally, experts say to believe Ethereum could be its moment to shine due to the many positive developments on the best smart contract platform. For example, Ethereum Exchange Traded Funds (ETF) are finally available attract large daily inflows, consistently competing with BTC ETFs.
Furthermore, there are several proposed network upgrades – including the Ethereum improvement proposal-7781 and the possibility of decrease in the amount of ETH needed to participate in network staking could serve as a catalyst for ETH to reach a new ATH.
That said, concerns to stay about ETH’s ‘ultrasound money’ story due to the rise in inflation seen in the cryptocurrency’s issuance rate. ETH is trading at $3,820 at the time of writing, up 8 % in the last 24 hours.
Featured image from Unsplash, charts from X.com and Tradingview.com
