Ether (ETH) of Ethereum has experienced a notable increase of 3.5%, surpassing $3,630 on March 31. This rise signifies an 18.75% improvement from its recent low near $3,050 over a week ago. The momentum driving Ether's price increase has various aspects, including its performance against the U.S. dollar and Bitcoin (BTC). For example, the ETH/BTC pair observed a 2.5% increase on the same day, rising to 0.051 BTC, indicating a potential shift of capital towards Ether.

Moreover, Ether's market dominance has strengthened, demonstrated by a 2.16% rise in the Ethereum Dominance Index (ETH.D) in the past 48 hours from its March 29 low. This trend suggests an inflow of investment from other altcoins to Ether, boosting its dollar valuation. A significant contributor to this surge is the accumulation of Ether by its largest holders, known as "whales." Data from Glassnode reveals that entities holding 1,000 to 10,000 ETH increased their holdings by 1.15% in March, signaling potential price rallies.

Additionally, the funding rates in the perpetual contracts market for Ether have risen, with the funding rate for Dogecoin perpetual futures hitting 0.0591% per eight hours as of March 31. This points towards a higher cost for maintaining long positions and indicates an anticipation of further price hikes. Ether's open interest in derivative contracts has stabilized around $14 billion, coupled with increasing funding rates, suggesting traders' enthusiasm to leverage their positions in anticipation of continued price growth.

The current trajectory of Ether also aligns with technical analysis patterns. Finding support at $3,485, corresponding to its 0.236 Fibonacci retracement after testing its lower trendline in a rising wedge pattern, Ether could potentially reach $4,000 by the end of April if it breaks above the upper trendline of the pattern. Conversely, adhering to the rising wedge pattern could adjust Ether's price target to around $3,280.

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