Ethereum's price has surged by 3% today, reaching $3,464.13, as investors appear to be rotating from Bitcoin to Ethereum, following a decline in Bitcoin's market dominance. This shift is partly driven by Ethereum's recent break above the $3,400 resistance level, which has been identified as a key point in a Head-and-Shoulders pattern. According to a report by QCP analysts, the trend of investors moving from Bitcoin to Ethereum and other altcoins is expected to continue if Bitcoin struggles to maintain its position near the $100,000 mark. The increased buying pressure over the weekend, coupled with net inflows into Ethereum exchange-traded funds, has contributed to the positive momentum for Ethereum.
Additionally, Ethereum's price movement today is supported by a broader market trend where altcoins are gaining traction. Prominent crypto analyst Altcoin Sherpa highlighted that the ETH/BTC pair is nearing a significant turning point, suggesting that Ethereum could see further gains once Bitcoin's current rally concludes. This sentiment is echoed by Michael Nadeau of the DeFi Report, who noted that Ethereum might be following a similar price pattern to its last bull cycle, potentially leading to substantial gains.