The most recent report from investment firm, Matrixport, sheds light on keys for traders of Ethereum's cryptocurrency, ether (ETH).

In principle, it notes that the weekly fees generated by the Ethereum network reached their lowest in the last three years a month ago. These were $12.1 million (USD) and have since nearly doubled.
In this way, they exhibit some recovery to levels that are not yet the best of 2023, as seen below. For Matrixport, this shows that revenue on Ethereum has bottomed out and there is "a tactical position at play."
The company explains that the current weekly fees indicate minimal interaction with decentralized finance (DeFi) applications, nonfungible token (NFT) issuance, and other activities. And he expects it to recover eventually, benefiting traders who take positions today.
As for the cryptocurrency's price, the investment company stresses that "as long as ETH remains above $1,800, traders should remain bullish."
The reason for this is that the price of the coin has managed to make "a double breakout". On the one hand, it has broken the descending trendline of lower and lower highs, which is marked in black on the chart. On the other hand, it has broken above the support bottom at $1,550 to the current levels.
Matrixport further mentions that bitcoin's (BTC) dominance in the cryptocurrency market peaked on Oct. 26 at 53.4% and has since declined to 51.8%. Meanwhile, the trading volume ratio of bitcoin and ether has fallen by half.
"Both indicators signal that the 'peak' interest in BTC is behind us and that altcoins (including ETH) have a chance to perform better," Matrixport said.
In addition, he highlighted that when the ETH-BTC ratio is at its lowest point as it currently is (black line of the chart), its MP Greed & Fear indicator suggests that altcoins could outperform BTC.