Market context
Ethereum reclaimed the $2,500 handle on Thursday and pushed dominance back above 11%, per CryptoPotato. The move caps a week where ETH has outrun most large caps on a percentage basis and drawn fresh coverage from technical desks. The Cryptomat Beast Score prints at 70 with a bullish label, but the composition matters. Sentiment is maxed at 100 and doing most of the lifting. News volume sits at 55. Market trend is a flat 50. On-chain scores 55. That's a rally leaning heavily on mood, with the flow picture still catching up.
Context for the tape: Paxos launched USDG natively on Mantle this week, adding another L2 to the stablecoin issuance map. Tron's USDT TVL crossed $28 billion. Neither is ETH-specific, but both feed the read that stablecoin plumbing is getting more competitive across chains, which is the backdrop against which ETH's dominance reclaim has to be judged.
Technical setup
The clean read on the chart comes from CryptoNews.com, which flagged a completed Elliott Wave Double Three pattern between $2,337 and $2,375. That structure resolved to the upside and carried price toward $2,520, the level ETH is now testing. Traders working that framework treat $2,375 as the line in the sand. A daily close back below it invalidates the pattern and puts the $2,337 low back in play.
Above, the immediate resistance sits at the $2,520 area where sellers have already shown up. A daily close over $2,540 with follow-through would open the door to the $2,700 zone, the next meaningful supply shelf from the summer range. Under it, the pattern buyers get shaken out fast.
The dominance chart matters here too. ETH.D above 11% is the first time bulls have held that line in weeks. If dominance rolls back under 10.8% while price stalls, that's the tell that the rotation is done and majors are handing the bid to alts.