Ethereum News Today: Crypto Market Surges 25.7% as Ethereum, XRP, Dogecoin Lead Rally

The cryptocurrency market has experienced a significant surge, with the total market capitalization exceeding $4 trillion for the second time ever. This rally has been driven by a strong performance from altcoins, particularly Ethereum, XRP, and Dogecoin, which have shown impressive gains over the past week.

Ethereum has emerged as a standout performer, with a 25.7% gain over the past week, reaching $3,843 before correcting to around $3,769. This surge is backed by substantial institutional investment, with spot ETH ETFs attracting significant inflows. The technical indicators for Ethereum are bullish, with the Relative Strength Index (RSI) at 70, indicating strong buying momentum. The Average Directional Index (ADX) is approaching 25, suggesting a sustained rally. Ethereum's price action relative to its Exponential Moving Averages (EMAs) also points to a bullish trend, with the coin trading well above both the 50-day and 200-day EMAs. Key support levels for Ethereum are at $3,417 and $2,888, while resistance levels are at $4,103 and $4,282.

XRP has also seen a remarkable recovery, with a 20.9% weekly surge to $3.52, breaking above its previous all-time high of $3.40. The technical setup for XRP is bullish, with the RSI at 71 on the weekly chart, indicating strong buying pressure. The ADX reading of 20 suggests a new trend is beginning to establish itself. XRP's moving average configuration is particularly bullish, with the 50-week EMA sitting well below current levels and the gap to the 200-week EMA continuing to expand. Key support levels for XRP are at $2.93 and $2.47, while resistance levels are at $3.68 and $4.40.

Dogecoin has experienced a 33.5% weekly explosion to $0.274, making it the best-performing meme coin in the top 100. The meme coin is undergoing a fundamental transformation, highlighted by Nasdaq-listed Bit Origin's announcement of a $500 million DOGE treasury strategy. The technical indicators for Dogecoin are also bullish, with the RSI at 61, indicating strong buying pressure. The ADX at 16 suggests a weak movement, but DOGE was previously stuck in a prolonged downtrend. The Squeeze Momentum Indicator showing "on" status indicates that volatility is compressed and ready to expand. Key support levels for Dogecoin are at $0.21, while resistance levels are at $0.28-$0.30.

The broader macroeconomic picture is also optimistic for investors, with the S&P 500 flirting with 6,000 points and oil prices remaining stable around $76 per barrel. The passage and signing of the GENIUS Act, which establishes a regulatory framework for stablecoins in the United States, is seen as a positive step for institutional investors. This perfect storm of favorable conditions has ignited a new Alt Season, with its own Index surging to 59 points, just 2 points below the yearly high registered on January 30.

In summary, the cryptocurrency market is experiencing one of its most explosive rallies since 2021, driven by strong performances from Ethereum, XRP, and Dogecoin. The technical indicators for these coins are mostly bullish, suggesting that the rally may continue in the near future. The broader macroeconomic picture is also optimistic, with favorable conditions for investors and a new regulatory framework for stablecoins in the United States. This has led to a surge in the Alt Season Index, indicating that the rally may be sustained in the coming weeks.