Ethereum surges 15% in 24 hours, dusting off Bitcoin's 6% gain and resuscitating its market share after flatlining at historical lows. Analysts debate whether ETH's recovery is self-made or just riding Bitcoin's coattails.
The Dead Coin Walking Makes a Comeback
Ether has surged almost 15% over the past 24 hours, breaking above $1,800 on April 23 like a zombie crashing through its own tombstone. It has outperformed Bitcoin's modest 6% gain, while dragging the broader crypto market up nearly 5% to reclaim the coveted $3 trillion total valuation.
Ethereum has now recovered almost 30% since its April 9 nosedive to $1,400, prompting some analysts to declare the funeral proceedings for the world's second-largest crypto asset officially canceled.
"You can hate Ethereum all you want, but when it has a big day, the entire crypto ecosystem goes up," crypto trader and analyst "Income Sharks" told their 640,000 X followers, essentially describing ETH as the cool parent who finally decided to let the other coins stay up past their bedtime.
You can hate Ethereum all you want but when it has a big day the entire crypto ecosystem goes up.
— IncomeSharks (@IncomeSharks) April 22, 2025
Market analyst "Ash Crypto" went full hype mode, claiming ETH was "about to explode," comparing Ethereum's chart pattern to Bitcoin's performance in late 2024 – because nothing says "reliable prediction" like comparing two volatile assets' squiggly lines.
$ETH IS ABOUT TO EXPLODE 🚀 pic.twitter.com/mMiFXpLzzJ
— Ash Crypto (@Ashcryptoreal) April 22, 2025
Jeff Mei, chief operating officer at crypto exchange BTSE, refused to join the Ethereum fan club, saying that Ether's "gain was largely due to it tracking the price of Bitcoin and the overall market." He added that Paul Atkins' confirmation as SEC chair had boosted market sentiment, because nothing makes crypto investors more excited than a new regulatory sheriff in town.
From Market Doormat to Comeback Kid
Earlier this month, ETH had fallen back to bear market prices faster than a skydiver without a parachute, seeing its market share shrink amid fears of a trade war, because apparently, crypto wasn't already stressful enough.
On April 22, analyst "Rekt Capital" (whose name perfectly captures the crypto experience) noted that ETH's market dominance had fallen back to all-time lows but "managed to protect 2019 all-time lows as support," essentially saying Ethereum was hanging onto its dignity by its fingernails.
ETH dominance crashed to its September 2019 low of 7% on April 22, according to TradingView. However, its subsequent price resurrection has bounced off this critical support level like a cat that just remembered it has nine lives, climbing back above 7.5% on April 23.
Why the Sudden Life Signs?
10x Research's Markus Thielen said that it hasn't taken much to revive Ethereum, as a "heavily shorted market is now experiencing a squeeze," which is finance-speak for "people betting against ETH are now panic-buying to cover their positions faster than toilet paper during a pandemic."
Technically, Ethereum was oversold on both daily and weekly timeframes, setting the stage for a rebound, he explained.
"With the upcoming upgrade moving to mainnet, there's also a fundamental catalyst supporting the move," Thielen added, suggesting that sometimes crypto prices move on actual technological progress rather than just vibes and tweets.
HODL Team
