The ether market (ETH) is very close to hitting all time, because the classic model of the bear map indicates a deeper correction in the direction of USD 1100.
The domination of the Ethereum market is still falling
On April 9, domination on the Ethereum market or measure of Ether’s share in the general market capitalization of the cryptowal View of commercial data.
This value was only the width of the hair above the lowest level of 7.09% achieved in September 2019.
“The domination of Ethereum is very close to registration of new all time,” said the popular Capital Capital cryptographic analyst in the post on April 13 to X, adding:
“The domination of Ethereum must maintain this green area to become more dominant on the market in the coming months.”
Market domination ETH %. Source: The capital of the perpendicular
Ether market share now has the lowest value from 2019-2020. Meanwhile, the closest competitor Ether in terms of market capitalization, XRP (XRP), recorded an escalate in its dominance by over 200% at the same time.
His upper tokens competing with layers 1, BNB Chain (BNB) and Solana (SOL), also noted market dominance by 40% and 344%.
Several reasons for this disappointing results include penniless institutional demand, as evidenced by the negative ETF flows, the leisurely market of derivative instruments and growing competition from other layers 1 blocks.
You can also find more problems with Ethereum when analyzing the total blocked value (TVL) of competitive blockchains.
Although Ethereum remains a leader of market dominance of 51.7%, this indicator fell from 61.2% in February 2024. In comparison, the sooty dominance in terms of TVL increased by 172% in the same period.
Market share (%). Source: Developma
The price of ETH “Bear Flag” is aimed at USD 1100
It is expected that the ether price or ETH/USD trade pair resumed the dominant rush of bear, despite recovery after the last minimals, when the classic (bear) chart pattern appears.
Related: Ethereum can be the AI key to decentralization, says former main dev
Etera price action in the last three weeks has been painting a possible pattern of the bear flag on the daily table, as shown in the figure below. The daily candlestick close below the bottom limit of the flag after USD 1,600 would signal the beginning of a huge move down.
The height of the flags sets the target, causing a potential target price drop to $ 1100 or a 33% decrease compared to the current price.
Daily ETH/USD chart with a potential bear flag. Source: Cointelegraph/TradingView
Meanwhile, one key indicator to which you should have a relative force or RSI indicator, which is still under 50 years, suggests that the market trend is still conducive to minus.
According to Cointelegraph, the price of ETH may ultimately exceed about USD 1000 based on several other factors.
This article does not contain investment advice or recommendations. Each investment and commercial movement involves risk, and readers should conduct their own research when making decisions.
