Ethereum [ETH] has finally shown signs of recovery after struggling to maintain its uptrend. This is an overall reflection of improving market sentiment, but there is one particular factor that could be behind ETHâs latest surge.
There has been a strong correlation between Bitcoin Dominance and ETH's bearish trend for many months. Especially this year when the BTC.D chart hit a YTD peak of 58.59%.
ETH is once again gaining bullish momentum at the time BTC.D started to decline. This suggests that liquidity flows are starting to favor altcoins and Ethereum is benefiting from this.
The latest surge has seen bulls dominate with a 16% gain in the past 7 days. After weeks of struggling out of a local bottom range.
Our review of the data shows that whales have been actively taking advantage of this latest growth. Their balances have been increasing since early September.
