On April 21, Ethereum surged by 4.25% to reach around $3,200, mirroring the positive momentum seen in the wider cryptocurrency market. Notably, a significant capital flow has moved from Bitcoin to Ethereum, leading to a 2.5% boost in the ETH/BTC ratio. The Ethereum Dominance Index (ETH.D) also saw growth of over 1%, signaling Ethereum’s increasing market dominance.

The recent uptick in Ethereum's price is a result of the transfer of funds from Bitcoin to Ethereum. While Bitcoin experienced a slight decline, Ethereum witnessed a rise. In the last 24 hours, the ETH/BTC ratio increased by 2.5%, reaching 0.048 BTC by April 21. This shift in capital has further solidified Ethereum's market strength, as indicated by the ETH.D index showing an increase of over 1%.

Furthermore, Ethereum's current rally is part of a broader rebound that commenced on April 19, coinciding with Bitcoin's fourth halving event. Historically, after Bitcoin halvings, Ethereum has shown strength, with its value soaring by significant percentages. Following the second halving in July 2016, Ethereum rose by 64% against Bitcoin. Similarly, after the third halving in May 2020, Ethereum nearly doubled in value compared to Bitcoin. These patterns suggest a trend of investors reallocating investments towards Ethereum after Bitcoin halving events.

The surge in Ethereum's price is also fueled by actions from major investors, known as whales, who have been accumulating Ethereum in recent weeks. The technical indicators of Ethereum’s price also exhibit strength, with the cryptocurrency testing key support levels and aligning closely with favorable zones for purchasing Ethereum, as viewed by traders.

An interesting development adding to Ethereum’s momentum is the reactivation of a dormant Ethereum wallet that has been inactive for almost nine years. This wallet, dating back to Ethereum’s early days, initially contained 197 ETH, now worth around $622,685. The revival of this wallet has sparked speculations about the intentions of the owner, hinting at a possible strategic move by an early Ethereum adopter re-entering the market.

These various factors contribute to the current surge in Ethereum's price, highlighting a positive sentiment towards Ethereum within the cryptocurrency community.