Ethereum (ETH) has seen a significant price jump, surpassing the $3,800 mark, an 8% increase in the past 24 hours. This gain coincides with a decline in Bitcoin (BTC) dominance, suggesting a potential onset of altcoin season. Analysts are optimistic about ETH's potential for further price increases.
Crypto experts highlight a cup-and-handle pattern for ETH, with potential targets of $7,346 and $10,000. ETH's increased network activity and introduction of ETFs are attracting attention, and proposed network upgrades could further bolster price growth.
Despite the excitement, there are concerns regarding ETH's inflation rate and its 'ultrasound money' status. However, the recent drop in BTC dominance and Ethereum's strong fundamentals may help address these challenges. The market continues to monitor ETH's performance as it attempts to establish a new all-time high.
