As an analyst, I’ve observed a significant decrease in Ethereum‘s (ETH) dominance this year. This decline is largely attributed to a broader market consolidation that has persistently kept ETH’s value under the $3,800 mark since January.
Currently, Ethereum’s market presence is minimal compared to others, as indicated by its daily chart which does not suggest any immediate signs of a rebound.
Ethereum’s Market Share Plunges
The comparison between Ethereum (ETH) and other digital currencies, represented by ETH.D, has been decreasing since the start of this year. Currently, it stands at a four-year minimum of 11.68%, dropping by 6% since January 1st.
This downward trend suggests that Ethereum’s total worth is decreasing compared to other digital currencies on a larger scale. The data derived from its technical signs also supports a negative perspective, hinting that the coin’s price may further drop.
As an analyst, I’m observing that at the moment, Ethereum (ETH) is trading beneath the points marked by the Parabolic Stop and Reverse (SAR) indicator.
The Parabolic SAR tracks price movements to identify possible turning points in trends. If the price drops beneath the indicator’s marks, it indicates a bearish trend, meaning that the downward pressure is strong and there might be more price decreases ahead.
Moreover, the configuration of Ethereum’s Super Trend Indicator supports this pessimistic viewpoint. Currently, it is located above the coin’s value, creating a resistance level at approximately $3,677.
This tool monitors the movement and intensity of changes in an investment’s value. On the graph, it appears as a line that shifts color based on the prevailing market direction: it turns green when the trend is upward and becomes red during a downward trend.
If an asset’s price falls below its Super Trend line, it indicates a downward trend, often referred to as a bear market. This suggests that sellers are exerting more influence over buyers in the market.
ETH Price Prediction: Will $3,182 Hold?
As the market consolidates and Ethereum’s demand weakens, there’s a possibility that the coin’s price drop might continue temporarily. In such a case, the coin’s value may sink as low as $3,182. If the bulls are unable to protect this level, it could potentially plunge even lower to $2,944.
Conversely, should the general market outlook brighten and the amassing of ETH resume, it might propel its value beyond the fluctuating barrier at $3,677, steering it towards $4,096.
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2025-01-17 20:59