Ethereum’s native token, Ether, surged 3.40% on January 2, approaching a trading level above $3,500 for the first time since mid-December. This rise occurred alongside a broader market rally, with Bitcoin exceeding $96,000 and major altcoins like XRP and Solana gaining around 9%. The increase in Ether's price is correlated with Bitcoin dominance dropping below 58% for the first time in two weeks, suggesting altcoins are collectively capturing more market share. Additionally, bullish sentiment among futures traders emerged, with data indicating a sharp rise in long positions and declining Ethereum exchange reserves. An ascending triangle pattern is evident in Ethereum's 4-hour chart, with a potential breakout target of $4,000, contingent on a bullish close above $3,500. Establishing a strong breakout is crucial for enhancing investor confidence, given the historical probability of bullish moves associated with this pattern.

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