23-4-2025 – Ethereum has staged a spirited comeback, its value soaring by nearly 15% in a single day on 23 April, breaching the $1,800 threshold. This surge, outpacing Bitcoin’s modest 6% climb and the broader cryptocurrency market’s 5% uptick, has propelled the total crypto market valuation back to an impressive $3 trillion. Ethereum, the world’s second-largest digital asset, has now reclaimed almost 30% of its worth since plummeting to $1,400 on 9 April, sparking cautious optimism among analysts that the darkest days may be behind it.
The rally has not gone unnoticed. “Income Sharks,” a prominent crypto trader with a following of 640,000 on X, observed that Ethereum’s strong performance lifts the entire digital asset ecosystem, regardless of one’s stance on the platform. Meanwhile, market commentator “Ash Crypto” drew parallels between Ethereum’s current trajectory and Bitcoin’s bullish run in late 2024, predicting an imminent breakout. However, Jeff Mei, chief operating officer at BTSE, tempered expectations, suggesting to Cointelegraph that Ethereum’s gains largely mirror Bitcoin’s movements and the broader market’s upward trend. He attributed part of the positive sentiment to the recent confirmation of Paul Atkins as chair of the US Securities and Exchange Commission.
Ethereum’s resurgence comes on the heels of a challenging period earlier this month, when fears of a global trade war dragged its price to bearish lows and eroded its market share. On 22 April, analyst “Rekt Capital” noted that Ethereum’s market dominance had sunk to a historic low of 7%, matching levels seen in September 2019. Yet, the subsequent price rally has nudged its share above 7.5%, a critical recovery from this pivotal support level, according to TradingView data.
Markus Thielen of 10x Research offered insight into the mechanics of the rebound, explaining to Cointelegraph that a heavily shorted market has triggered a squeeze, amplifying Ethereum’s upward momentum. He also highlighted technical indicators, noting that Ethereum was oversold on both daily and weekly charts, priming it for a recovery. Adding to the momentum, an upcoming mainnet upgrade is seen as a fundamental driver bolstering investor confidence.
