The fundamentals continue to improve, can Ethereum break through $3,000 in the recent period?

Ethereum’s recent bullish momentum has pushed its price one step at a time to its recent all-time high.

In fact, less than 24 hours ago, the world’s largest cryptocurrency outside of Bitcoin managed to hit the $2,800 mark on price charts, while ETH was still trading near that level at press time.

While this surge in the cryptocurrency market is expected due to Ethereum’s strong fundamentals, it also forces the question of what happened to Bitcoin in the market and can its previous leadership be maintained?

Bitcoin’s dominance in the crypto market is a well-known fact, and the last price correction faced by non-mainstream cryptocurrencies was when BTC fell below the $50,000 price level. Since then, despite many non-mainstream cryptos, there has been an encouraging recovery and even new highs.

But the price of BTC still continues to bounce back and forth around the $55,000 resistance level, which is the exact opposite of what many believe BTC’s price action was in April.

According to data provided by Santiment, BTC’s dominance over major cryptocurrencies like ETH is now declining. The data points to how Ethereum has narrowed the gap in Bitcoin’s dominance over the past few months.

While BTC continues to struggle, with the latest ATH coming, it could be a sign of possible minor changes in how the crypto market works.

During last week’s downtrend, when ETH found itself in the same downtrend, the price dropped to around $2,200. But it rebounded quickly, and interestingly, in a similar time frame, Ethereum also saw a large increase in address activity, which eventually led to the price reaching a new ATH.

For traders, the bullish outlook for Ethereum is worth acknowledging, as despite its high price, ETH does not appear to be vulnerable to short-term price corrections.

Instead, ETH has many investors who have held the digital asset for more than a year and are confident in its long-term prospects, and this trend may even continue.

On the other hand, Ethereum’s network is also secure, and according to Glassnode’s data, Ethereum’s hash rate reached a new ATH in these two days. This has been growing over the past few months and the consecutive ATHs seem to be growing in cycle.

Other than that, Ethereum remains a lucrative “go-to” for most traders, with its soaring price capable of rebounding faster than BTC. Glassnode also reported that the number of ETH addresses in profit (7d MA) just hit another new high of 57,488,552.762.

These indicators add up to show that Ethereum still has a good bullish expectation this month.

The original text comes from zycrypto, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the editor for Chinese reprint.

The original text comes from zycrypto, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the editor for Chinese reprint.