Ethereum Surges 15% in 24 Hours, Reclaims Market Share

Ethereum's price has surged after weeks of stagnation, helping to boost its market share after hitting record lows. Ether (ETH) has risen almost 15% over the past 24 hours, surpassing $1,800 on April 23. This performance outpaced Bitcoin, which saw a 6% gain, and the broader crypto market, which climbed almost 5% to reclaim a total market value of $3 trillion.

Ether has recovered nearly 30% since its April 9 crash to $1,400, leading some analysts to suggest that the worst may be over for the world’s second-largest crypto asset. The surge in Ethereum's price has had a positive impact on the entire crypto ecosystem, with one crypto trader and analyst commenting that when Ethereum has a big day, the entire crypto ecosystem goes up.

Market analyst Ash Crypto drew comparisons between the current chart pattern for Ether and Bitcoin’s performance in late 2024, suggesting that ETH was about to explode. However, the chief operating officer at the crypto exchange BTSE was not convinced that Ethereum was moving independently, attributing Ether’s gain largely to it tracking the price of Bitcoin and the overall market. He also noted that the confirmation of Paul Atkins as chair of the US Securities and Exchange Commission had boosted overall market sentiment.

Earlier this month, ETH had fallen back to bear market prices and had seen its market share dwindle amid a wide market downturn marred by fears of a trade war. On April 22, analyst Rekt Capital noted that ETH’s market dominance had fallen back to all-time lows but managed to protect 2019 all-time lows as support. ETH dominance fell to its September 2019 low of 7% on April 22, but its subsequent price pump saw that share bounce off this critical support level and return above 7.5% on April 23.

Fundamental catalysts supporting the move include a heavily shorted market now experiencing a squeeze, according to 10x Research’s Markus Thielen. Technically, Ethereum was oversold on both daily and weekly timeframes, setting the stage for a rebound. With the upcoming upgrade moving to mainnet, there’s also a fundamental catalyst supporting the move.

Ethereum's recent price movements have been particularly noteworthy, with the cryptocurrency starting a fresh surge, breaking above the $1650 resistance level. This upward momentum has shown positive signs, with Ethereum attempting to clear the $1800 resistance. The recovery to $1.6K further underscores Ethereum's resilience in the face of market volatility.

Despite these positive developments, Ethereum faces challenges as it attempts to recover from one of its worst-performing years among major cryptocurrencies. The cryptocurrency has been under pressure, down nearly 50% in 2025. However, the current market conditions present a crossroads for Ethereum. A decisive move above short-term resistance could attract sidelined buyers and shift sentiment in a bullish direction. This potential shift in sentiment is crucial for Ethereum's long-term recovery and market dominance.

The recent price breakout and the recovery of market dominance indicate that Ethereum is poised for further growth. The cryptocurrency's ability to hold above key support levels and its positive price movements suggest that it is on the path to recovery. As Ethereum continues to navigate the volatile cryptocurrency market, its resilience and potential for growth remain key factors to watch.