Source: Rekt CapitalFundamental catalysts supporting the move10x Research’s Markus Thielen told Cointelegraph that it hasn’t taken much to drive Ethereum higher, as a “heavily shorted market is now experiencing a squeeze.” Related: Ethereum Foundation shifts focus to user experience, layer-1 scaling Technically, Ethereum was oversold on both daily and weekly timeframes, setting the stage for a rebound, he said. “With the upcoming upgrade moving to mainnet, there’s also a fundamental catalyst supporting the move.” Magazine: Altcoin season to hit in Q2?
Earlier this month, ETH had fallen back to bear market prices and had seen its market share dwindle amid a wide market downturn marred by fears of a trade war. On April 22, analyst “Rekt Capital” said that ETH’s market dominance has fallen back to all-time lows but “managed to protect 2019 all-time lows as support.” ETH dominance fell to its September 2019 low of 7% on April 22, according to TradingView.
Source: Ash Crypto Jeff Mei, chief operating officer at the crypto exchange BTSE, was not conviced Ethereum was moving idependently, and told Cointelegraph that Ether’s gain “was largely due to it tracking the price of Bitcoin and the overall market,” and that that Paul Atkins’ confirmation as chair of the US Securities and Exchange Commission had boosted overall market sentiment.
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Author / Journalist: Cointelegraph by Martin Young
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