Ethereum Price Records Over 10% Surge Before Hitting $1,800
Ether price briefly touched the $1,800 mark after recording over a 10% price surge.
Ethereum market dominance recovered from its all-time low as the token outperformed Bitcoin and the broader crypto market.
Ether whale accumulation is further boosting the Ether market price, as of April 23.
Ethereum price surprised the entire crypto market after it briefly touched the $1,800 mark earlier today. The broader crypto market reclaimed the $3 trillion overall market cap, while Bitcoin recorded a 5.62% surge and climbed to the $93k price level. However, the entire crypto community is having its eyes on Ether as it outperformed BTC after a long time.
As the trade tension between the US and other countries eased and Trump announced that he has no intention to fire the Fed chair, the crypto market witnessed positive market sentiment. Meanwhile, the crypto fear and greed index recorded 52, which turned fear market sentiment into neutral today.
Ethereum price surged by more than 10% today after the market sentiment improved in the crypto market. Ether is trading at $1,795.87 at the time of reporting. It reached a 24-hour peak of $1,816.52. Bitcoin also recorded a price surge of 5.9% and climbed to the $93,600 price level. Major altcoins, such as XRP, Solana, BNB, Dogecoin, and Chainlink, have also recorded price gains today. This has resulted in a 6% increase in the overall market cap, close to $3 trillion.
There have been several times the crypto market showed recovery gains in the past few months after a short bull run in December 2024. However, Ether recorded average market performance every time, disappointing ETH long-term holders.
With a price surge of more than 10%, Ether has outperformed most of the major altcoins and Bitcoin today. Ethereum market dominance started showing signs of recovery from its all-time low value. It hit an ATL of 7.07% a couple of days ago and increased by 1.67% today to 7.50%.
Can Ethereum Whale Accumulation Further Push Its Market Price?
On-chain analytics platform Lookonchain reported Ethereum whale accumulation today. As the second-largest cryptocurrency by market cap recorded gains, ETH whales took this opportunity to increase their ETH holdings. Whale “0xD20E” withdrew 5,531 Ethereum from Binance. Another whale “0x2088” purchased 2,568 ETH at an average price of $1,794.
The increasing investor confidence in Ethereum might bring further gains for the token in the next few days. Its 73% surge in 24-hour trading volume also suggests the same. However, the broader crypto market must sustain its upward momentum for that to happen. And it is too early to say whether the crypto market is completely on track for the next bull run or will face pullbacks.
