Ethereum Reclaims 19.5% Dominance, Eyes $3,200 Target

Ethereum has shown signs of renewed strength, with its price trading near $2,592. The ETH/USDT.D ratio, which had previously experienced a dip described as a fakeout by analysts, has since recovered. This recovery has created conditions that mirror a previous cycle’s breakout pattern, suggesting a potential trend shift toward renewed Ethereum dominance.

According to analysis by Crypto Elites, the recent dip in the ETH/USDT.D ratio was a false breakdown. They noted that a previous peak in the ratio also acted as a fake breakout, causing confusion in market direction. Ethereum has now reclaimed the 19.5% dominance level, indicating renewed investor confidence. Cas Abbe, a market analyst, compared the current structure to that seen in 2019, suggesting that Ethereum’s ability to recover quickly from false moves strengthens the argument for a potential upward movement toward $3,200 in the near term.

The ETH/USDT.D ratio has stabilized just below 20%, which could serve as a base for Ethereum to regain momentum. Analysts suggest that if the ratio breaks above 20.2%, Ethereum may resume a stronger uptrend, with price action reflecting increased investor interest. Merlijn The Trader observed that Ethereum has consistently respected its support zones while building a strong base. The price has formed a clean breakout and recently rebounded from a key support area near $2,380. Ethereum now trades in a tighter zone, preparing for possible expansion.

The weekly chart shows ETH holding above the 0.382 Fibonacci level at $2,424. The $2,745 resistance remains a critical area to watch. Ethereum’s MACD crossover and stronger RSI suggest continued support from buyers. Some long-term projections, according to analysts' forecasts, expect ETH to reach $10,000 during this market cycle. This projection is based on technical patterns that mirror previous cycle setups, indicating a bullish outlook for Ethereum’s future performance.