Ethereum (ETH) appears to be finally waking up from its slumber as the second-largest cryptocurrency by market cap has jumped 8% in the past 24 hours, surpassing the key $3,800 price level.\u00a0<\/p>\n
Ethereum\u2019s rise appears to align with declining Bitcoin (BTC) dominance. This important metric is tracked to gauge the proportion of the total crypto market cap commanded by the top cryptocurrency.\u00a0<\/p>\n
According to the chart below, BTC dominance has been falling dramatically<\/a> over the past two weeks \u2013 sliding from 61.1% on November 20 to 54.9% at the time of writing. As previously reported<\/a>, trading firm QCP Capital highlighted BTC dominance sliding below 58% as a key condition that could signal the onset of the altcoin season.<\/p>\n With ETH now surpassing the $3,800 level, analysts are weighing in on how far the digital asset can rally. Crypto analyst @venturefounder shared<\/a> his target for ETH on X, pointing to a prolonged cup-and-handle pattern forming for ETH since November 2021. He noted that if ETH decisively breaks $3,800, it could climb as high as $7,346.<\/p>\n Similarly, crypto analyst Ali Martinez shared his insights on ETH\u2019s recent price action. Martinez emphasized that the $3,300 support level could be a \u2018potential buying opportunity\u2019 should the digital asset pullback from its recent surge.\u00a0<\/p>\n Martinez added that his mid-term target for ETH remains $6,000, while the long-term target is $10,000. The analyst also highlighted the Ethereum network\u2019s steady growth over the past month, with more than 134,000 new Ethereum addresses added daily.<\/p>\n Another crypto enthusiast, @MisterSpread noted<\/a> that if ETH breaks the $4,000 area, there is a \u201chigh chance we see a God candle to $5,000.\u201d Indeed, ETH breaking out of a three-year long downtrend and attempting to establish a new all-time high (ATH) has piqued the attention of the entire crypto industry.<\/p>\n Although BTC has led much of the current crypto rally, experts believe<\/a> Ethereum might be the time to shine due to the multiple positive developments in the top smart contract platform. For instance, Ethereum exchange-traded funds (ETF) are finally attracting<\/a> large daily inflows, rivaling BTC ETFs consistently.\u00a0<\/p>\n Further, several proposed network upgrades \u2013 including the Ethereum Improvement Proposal-7781<\/a> and the possibility of reduction<\/a> in the amount of ETH required to participate in network staking could serve as catalysts for ETH to hit a new ATH.<\/p>\nEthereum Fundamentals Continue Getting Stronger<\/h2>\n