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After a prolonged decline, Ethereum (ETH) is showing signs of recovery, with its dominance rising to 12.82%. This marks a stabilization following a sharp drop from mid-year levels of 18%. Analysts believe this resurgence could set the stage for a broader altcoin rally in the first quarter of 2025.
Critical Support and Resistance Levels
Technical analysis highlights the 12% level as a strong support for Ethereum’s dominance. On the upside, the 13%-13.5% range serves as a crucial resistance. Historically, attempts to break above this zone have failed. However, sustained daily closes above this resistance could confirm a renewed uptrend. Mikybull Crypto, a prominent analyst, notes that Ethereum’s growing strength against Bitcoin (BTC) could catalyze a market-wide shift.
Layer-2 Solutions Bolstering Confidence
Ethereum’s comeback aligns with improved market sentiment, driven in part by the adoption of Layer-2 scaling solutions. These innovations are enhancing Ethereum’s network efficiency, boosting investor confidence. Ali Martinez, a leading crypto analyst, points out that 78.30% of open positions in Ethereum futures reflect a bullish outlook, further signaling optimism.
Ethereum Price Snapshot
As of now, Ethereum is trading at $3,415.90, with a 24-hour trading volume exceeding $16 billion. The cryptocurrency has gained 0.88% over the past day, reflecting its steady recovery and growing market support.
A Strong Foundation for Future Growth
The stability in Ethereum’s dominance signals a potential market shift. As technical indicators emphasize the importance of current support and resistance levels, the growing interest from institutional investors could fuel Ethereum’s performance in the coming months.
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