The ETH market is a deeper modification of $ 1,100, which is a classic weak chart pattern hint, very close to the lowest level ever.
Ether Leeum’s market dominance continues to decline
According to the Cointelegraph Markets Pro and TradingView Data, Ether’s market domination or Ether’s ETHER on the total market capitalization of Ether Leeum recorded a 7.18%newest base.
This value was only 7.09%of the lowest hair in September 2019.
REKT CAPITAL, a popular password analyst in X’s April 13 post, said, “Ether Leeum dominance is very close to the new lowest level registration.
“Ether Leeum dominance must maintain this green area in order to become more market rulers for the next few months.”
ETH market domination. source: Work capital
Ether’s market share is the lowest value since 2019-2020. Meanwhile, in terms of XRP (XRP), the market cap, Ether’s closest competitors have increased more than 200% over the same period.
BNB Chain (BNB) and Solana (SOL) ‘s best layer -1 rival tokens have increased market dominance by 40% and 344% since 2023.
Some reasons for this overwhelming performance include weak institutional demands proven by the negative ETF flow, sluggish derivatives market, and other layer -1 block chains.
When analyzing the total price (TVL) of the competitive blockchain, you can find more problems with Ether Leeum.
Ether Leeum remains a leader with 51.7%market dominance, but this metrics decreased from 61.2%in February 2024. In contrast, Solana’s dominance increased 172% over the same period.
Total value lock market share (%). Source: Defillama
ETH Price “Bear Flag” aims for $ 1,100
Ether Price or ETH/USD transaction pairs are expected to resume general weakness even though the classic (weak) chart pattern has emerged.
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The price behavior of Ether in the last three weeks is to draw a bear flag pattern on the daily chart as shown below. If the candlestick is close every day under the lower border of the $ 1,600 flag, you can see that large -scale movement begins downward.
The height of the flagpole sets the goal, and the potential price drop of ETHER has dropped 33% from the current price.
ETH/USD daily chart with potential bare flags. Source: COINTELEGRAPH/TradingView
On the other hand, one of the main indicators that maintain the city is still a relative robbery index or RSI, which is lower than 50 points, suggesting that market trends still prefer disadvantages.
As reported by COINTELEGRAPH, the price of ETH can ultimately drop to about $ 1,000 depending on some different factors.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.