Ethereum Dominance Falls to 4-Year Low
Ethereum’s (ETH) dominance has declined sharply this year, driven by broader market consolidation, with the altcoin’s price remaining below $3,800 since January.
Currently, Ethereum’s market share remains low, and its daily chart shows no clear signs of an imminent recovery.
Ethereum market share plummets
Ethereum Dominance (ETH.D)Tracking the relative value of ETH compared to other cryptocurrencies, it has been trending downward since the beginning of the year. The index is currently at a four-year low of 11.68%, having fallen 6% since January 1.
This decline indicates The overall value of ETH is shrinking Relative to the broader cryptocurrency market. Readings from its technical indicators further confirmed the bearish outlook, suggesting that the coin’s price may continue to plummet.
For example, ETH is currently trading below the point of its Parabolic Stop and Reversal (SAR) indicator.
The Parabolic SAR monitors price trends and highlights potential reversal points. When the price falls below the indicator point, it indicates a bearish trend, indicating that downward momentum is active and the market may fall further.
Furthermore, the setup of the ETH Supertrend indicator reinforces this bearish outlook. At press time, it was trading above the coin’s price, creating resistance at $3,677.
This indicator tracks the direction and strength of an asset’s price trend. It appears as a line on a price chart that changes color to indicate the current market trend: green indicates an uptrend and red indicates a downtrend.
When an asset’s price is below the Supertrend indicator, it is in a bearish trend. This suggests selling pressure from market participants is outweighing buying activity.
ETH Price Prediction: Will $3,182 Hold?
The coin’s price decline is likely to continue in the near term as broader market consolidation and demand for ETH weakens. in this case, Coin prices may plummet to $3,182. If the bulls fail to hold this level, its price may drop further to $2,944.
On the other hand, if market sentiment improves and ETH accumulation reboundsit may push its price above the dynamic resistance at $3,677 and towards $4,096.
Disclaimer
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