Ethereum (ETH) has broken through its key resistance levels and is currently surging above $2,400. ETH has experienced over 20% gains in the last 24 hours as per CoinGecko which is one of the strongest daily performances of the token this year. This rally is also gathering significant attention because Ethereum gains have outpaced those of Bitcoin. Bitcoin has experienced an uptick of around 4% during the last 24 hours.
At press time, the price of the token stands at a surge of $2,457 in the last 24 hours as per CoinGecko.
Ethereum Outpaces Bitcoin
There current market dynamics indicate that the crypto community might be shifting its focus from Bitcoin to Ethereum and other altcoins that are focused on providing utility. Even though Bitcoin is the largest cryptocurrency by market cap, Ethereum has surpassed the gains, and currently, the token has also seen a surge in trading volumes, around $900 million in USDT volume on OKX alone. This indicates that the investors are shifting their focus towards assets that exhibit broader utility and decentralized finance (DeFi) applications.
On-chain data and technical analysis suggest that Ethereum’s breakout is currently being supported by strong momentum indicators as MACD and RSI are signalling a continued bullish sentiment.
Institutional flows are also in favor of ETH as ETH net inflows are on the rise. This shift in increased institutional interest also indicates that the investors are seeking exposure that provide great use cases rather than just acting as a store-of-value which holds true for Bitcoin.
Other Altcoins on the Rise
ETH’s rally is a part of a broader trend, where several altcoins have performed well in the past month and are capturing investor attention. Some of the top altcoins performers have been listed below:
Dogecoin (DOGE): The social media favourite meme coin has surged over 40% as per CoinGecko in the last month. Increased investor interest indicates further surge.
Solana (SOL): Solana’s SOL also surged over 50% in the past month as per CoinGecko. Solana blockchain is known for its high performance and developer engagement program that drives the entire ecosystem.
Sui (SUI): The token price has been up by 100% in the past month as per CoinGecko. The rally for this token was fueled by the news of the first ever spot SUI ETF being filed in the US. SUI remains as the top contender for further gains in May.
This data indicates that there has been a significant gain in altcoins over the month of April and this has set the stage for potential rise in the altcoin season. This also signals that along with Ethereum’s breakout, other altcoins are also pointing towards a strong momentum and this suggests that the current rally could mark as the early stages of altcoin season.
Also Read: Ethereum Price Eyes 30% Boost Post Pectra Upgrade With This Key Level Breakout
