According to Cointelegraph: Ethereum's Ether (ETH) is showing remarkable resilience at the $2,500 support level, ignoring any bearish undercurrents in the crypto market. On January 16, Ethereum shorts experienced $15.03 million in liquidations, compared to $5.3 million for longs, as per Coinglass data. This coincided with the ETH/USD pair breaching the $2,500 resistance, climbing to $2,614.

Reportedly, Ethereum's open futures interest contribution has surged from 21.8% to 26.5% since the start of the year, while Bitcoin's open futures interest portion remains at 41.1%, only marginally down from 41.6% at the year's start. This shift has aided Ethereum's dominance to surge to a three-month peak of above 18%, while Bitcoin's dominance has fallen below 50% for four successive days, typically considered an encouraging sign for altcoins.

Santiment's data displays a 22.4% rise in Ethereum's price dominance against Bitcoin over the past week. In the same period, approximately 89,400 new Ethereum addresses were created daily, underlining the platform's growing popularity, culminating at 96,300 new wallets on January 16 alone.

Furthermore, Ethereum's exchange supply is verging on its all-time low of 8.05%. This indicates a move toward self-custody and staking, thereby lowering the risk of potential large-scale selling-off and providing a more promising scenario than a rising exchange supply scenario. All these factors give strong indications of Ethereum's potential to outperform Bitcoin shortly.

Meanwhile, Ethereum's network has seen its latest upgrade, "Cancun-Deneb" or "Dencun," launched on the Goerli testnet as shared in a January 17 social media post from Ethereum developer Parithosh Jayanthi. Actually, Dencun's deployment on the Goerli testnet primarily entails implementing EIP-4844, expected to slash transaction costs on Ethereum layer 2s. It's envisaged that Dencun will continue its testing schedule on the Sepolia testnet come January 30, followed by the Holesky testnet on February 7. The date for the upgrade's implementation on the mainnet remains unannounced.