Ethereum (ETH) has surged today, marking an extension of the upwards momentum that it incurred earlier this week when the crypto surged nearly 7% after Bitcoin posted a strong bounce at its range lows of roughly $7,800.
This bullishness appears to be lifting the aggregated crypto markets, and it is highly probable that further ETH gains will be fueled by a drop in Bitcoin’s dominance over the aggregated crypto markets.
Ethereum Surges 4% as Crypto Markets Show Hints of Bullishness
At the time of writing, Ethereum is trading up roughly 6% at its current price of $190, which marks a notable surge from its recent lows of $171 that were set earlier this week before it began incurring notable upwards momentum.
This surge comes about as multiple major altcoins have incurred momentum as Bitcoin ranges within the lower-$8,000 region, and most major altcoins including Ethereum appear to be unfazed by the recent bearishness that BTC has incurred ever since it plummeted below $10,000.
In the near-term, it is highly probable that Ethereum will extend its upwards momentum, as it appears to have broken above a key resistance level that was previously proving to be a region of resistance.
Crypto Loomdart, a popular cryptocurrency analyst on Twitter, recently spoke about this level prior to Ethereum’s surge this morning, noting that its reaction to the level will likely lead to notable volatility.
“$ETH at an important price here in $BTC terms, fakeout resistance before it plunged. Should get pretty exciting,” he noted while pointing to the below chart.
$ETH at an important price here in $BTC terms, fakeout resistance before it plunged
should get pretty exciting pic.twitter.com/0VG6fL7gW5
— Crypto Loomdart (@loomdart) October 9, 2019
Bitcoin Dominance Drop Could Fuel ETH Rally
Currently, Bitcoin’s dominance over the crypto markets is sitting at 66%, which marks a notable drop from its recent highs of over 71%.
Because of the lack of fresh capital within the crypto markets, it is highly likely that BTC’s dominance will need to continue receding in order for altcoins like Ethereum to continue rallying, as investors will need to shift funds from Bitcoin and towards altcoins in order to sustain an alt rally.
The coming few hours and days will likely illuminate where ETH and other altcoins will head in the near-term, as the sustainability of this current rally will be key for determining whether or not another long-term uptrend is imminent.
Featured image from Shutterstock.
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