Leading altcoin Ethereum (ETH) is experiencing renewed bullish sentiment, especially as Bitcoin’s (BTC) dominance declines, indicating a shift in investor focus toward ETH and other altcoins.
Ethereum has surged 13% in the past week, outperforming Bitcoin's 6% rise. The ETH/BTC ratio climbed 33% over seven days, reflecting more interest in Ethereum. As of now, the ratio stands at 0.04.
The increase in ETH/BTC ratio, coupled with a decline in Bitcoin dominance to 57.56%, signifies greater interest in altcoins. Bitcoin’s market cap as a percentage of the total crypto market has fallen, reinforcing this shift.
Whale activity has significantly contributed to Ethereum’s rally, with large transactions seeing considerable growth. Transactions ranging from $1 million to $10 million have increased by 14% over the last month, while those above $10 million surged by 21%.
This heightened whale activity generally signals bullish momentum, encouraging retail investors to buy more and sustain price growth.
Ethereum’s Directional Movement Index (DMI) shows a strong buying trend. The positive directional indicator remains above the negative one, suggesting robust buying pressure.
If demand keeps rising, Ethereum could break resistance at $2,871 and trade above $2,900, potentially reaching $3,104. Conversely, if accumulation slows and profit-taking increases, the price might fall to $2,582 or lower.
