Ether ($ETH) surged to $4,000 recently, marking a key milestone for the cryptocurrency market as Bitcoin ($BTC) loses its share.
Ether in 'Reaccumulation Zone'
According to data from sources like Cointelegraph Markets Pro and TradingView, Ether ($ETH) hit $4,012 on Bitstamp. The pair ETH/USD gained around 1.7% on the day, breaching the key psychological level and now being less than $900 from new all-time highs.
Trader and analyst Rekt Capital noted that Ethereum's dominance is already around 50-60% of its macro uptrend, comparing the current price action to the previous ETH bull run in 2021.
Decline of Bitcoin Dominance
As Ether continues to rise, Bitcoin's market cap dominance fell below 60.7%, touching a critical support level. Rekt Capital forecasts that while Bitcoin's dominance could regain traditional peak levels, its eventual decline is 'inevitable.' 'Once the long-term technical uptrend is lost, BTC Dominance will transition into a long-term technical downtrend,' the analyst stated.
Analysts' Perspective on the Market
Exchange order book data features a 'massive wall of long liquidations' beneath $3,960, suggesting optimism for further Ether price increases. Traders emphasize that the current situation can be viewed as a reaccumulation zone, suitable for further growth. At the same time, the ongoing preference of investors for Ether over Bitcoin directly reflects changes in the market.
Ether's rise to $4,000 illustrates strong market positions and its impact on Bitcoin's dominance. Analysts predict further shifts in trends that may affect the entire industry.
