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The Ether (ETH) market is very close to hitting the stockings of all time because a classic lower graphic model indicates a deeper correction to $ 1,100.
On April 9, the domination of the Ethereum market, or the measure on the part of Ether of the global market capitalization of Crypto, reached a new hollow of 7.18% of Cointelegraph Markets Pro and TradingView Data.
This value was simply a width of hair above the lower 7.09% reached in September 2019.
“Ethereum Dominance is very close to the recording of new stockings of all time,” said Rekt Capital, popular crypto analyst, in an article on April 13 on X, adding: adding: adding: adding: adding: adding: adding: adding: adding: adding: adding: adding: adding: adding: adding: adding: adding: adding
“The domination of Ethereum must maintain this green area to position itself to become more dominant on the market in the coming months.”
Dominance of the ETH%market. Source: Rekt Capital
Ether’s market share has now been at its lowest value since 2019-2020. Meanwhile, the competitor closest to Ether in terms of market capitalization, XRP (XRP), saw his domination increase by more than 200% over the same period.
Its upper layer 1 rivals, its BNB (BNB) and Solana (soil) channel, have also experienced 40% increases and 344% of their market domination since 2023.
Several reasons for this disappointing performance include low institutional demand highlighted by negative ETF flows, a slow derivative market and growing competition from other layer 1 blockchains.
More problems for Ethereum was also able to be found during the analysis of the total locked value (TVL) of competing blockchains.
Although Ethereum remains the leader with market domination of 51.7%, this metric rose from 61.2% in February 2024. In comparison, Solana’s domination in terms of TVL increased by 172% during the same period.
Market share locked in total value (%). Source: Defillama
The price of the ether, or the eth / USD trading pair, should resume its dominant downward dynamic despite the recovery of recent stockings as a classic graphic model (lowering) emerges.
In relation: Ethereum could be the key to AI for decentralization, explains the old Dev Core
Ether prices action in the past three weeks is to paint a possible bearing flag scheme on the daily graph, as shown in the figure below. A daily candlestick near the lower limit of the flag with $ 1,600 would point out the start of a massive downward movement.
The height of the flag mast fixes the objective, placing the objective of drop in potential price of Ether at $ 1,100, a drop of 33% compared to the current price.
ETH / USD daily table with a potential bear flag. Source: Cointelegraph /Tradingview
Meanwhile, a key indicator to keep an eye on remains the relative force index, or RSI, which is still below the brand 50, which suggests that the market trend always promotes the drawback.
As Cointtelegraph reported, ETH’s price could finally hear $ 1,000 on the basis of several other factors.
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.