Recent market corrections have seen digital assets like Bitcoin and Ethereum value at a significant price over the past few days. However, there are some who have been the market leaders in this regard, and Ethereum is one of them. The announcement of the merger in September led to the digital asset’s upward move, but this is not the only aspect where the second largest cryptocurrency in the crypto market registered a recovery.
Ethereum Stealing Market Dominance
Ethereum’s rally above $1,500 had seen its market cap rise above $190 billion once again. The digital asset has posted some of the biggest gains in the past few weeks, recovering over 40%. This has seen asset dominance rising across the industry.
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Although Ethereum remains the cryptocurrency with the second largest market dominance, it has seen further gains over the past two days. This has seen it creep into bitcoin’s market cap as the leading cryptocurrency struggles to maintain market gains.
Over the past few days, bitcoin has seen its market dominance fall by over 2%. This market share was quickly soaked up by Ethereum, which has seen its dominance over this time period. It gained over 2%, going from a stranglehold of 18.9% to its current dominance of around 16%.
ETH dominance adds 2% | Source: Market Cap ETH Dominance on TradingView.com
Bitcoin is expected to steal more market share as its price continues to rise. However, it is still a long way from its all-time high, which extended its dominance to 32% during the 2017 bull run.
ETH eyeing $1,700 . is on
Ethereum has now broken above a key technical point. After trending below the 50-day EMA for the better part of the last month, ETH has reversed this technical level and is now sitting comfortably above it. The implication is a complete 180-degree turn from bearish to bullish, especially in the short term.
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After defeating the bears this week and recovering above $1,500, it is now moving towards the next important technical level. Even though the recovery trend continues, the bears have started mounting resistance near the $1,700 level. A break above this point is important for Ethereum in the near term.
If Ethereum is able to successfully cross the $1,700 resistance, the next important level is $1,936. This point ensures that there is not a lot of resistance until $2,500. However, failure to beat the bears at $1,700 could drag the digital asset down to $1,300.
Featured image from The Guardian Nigeria News, chart from TradingView.com
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