The Ethereum (ETH) cryptocurrency turned the crypto market upside down with a sharp increase of 20% over the past 24 hours, pushing the price to $2,323.54, and briefly touching its daily high of $2,486.01. The trading volume of Ethereum also surged significantly, by 150% to reach $51.56 billion.

Ethereum Recovers Key Support Levels

According to CoinMarketCap data, Ethereum convincingly reclaimed its 20-day exponential moving average at $1,869, and is now hovering near its 50-day exponential moving average at $1,883, both of which may serve as strong support areas in the near term.

This sudden rise has led to speculation of a broader rally in the altcoin sector.

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Bitcoin dominance has officially peaked! 🚀

From now on, I do not expect any further increases. As dominance declines, the #AltcoinSeason will be immense!

Historically, strong bullish trends for Ethereum have often preceded altcoin booms. When Ethereum dominance rises and the ETH/USD pair breaks through major resistance levels, capital often flows towards high-risk altcoins. This pattern was evident in the 2017 and 2021 cycles.

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