Ethereum’s market share is at historic lows, with dominance falling to 7.18%. Competition from XRP, BNB, and Solana has increased significantly. A bearish pattern indicates potential price decline for Ether, targeting $1,100 amid weak institutional demand and a stagnant derivatives market.
Ethereum’s market share is nearing historic lows, with Ether (ETH) potentially facing a price decline towards $1,100 due to bearish chart patterns indicating deeper corrections. As of April 9, Ethereum’s market dominance stood at 7.18%, close to its all-time low of 7.09% from September 2019. Analyst Rekt Capital noted that Ethereum must maintain crucial support levels to enhance its market presence in the upcoming months.
Ether’s current market share is the lowest it has been since 2019-2020, as competition intensifies. Its primary competitor, XRP, has gained over 200% in market dominance. Additionally, layer-1 rivals BNB Chain and Solana have increased their respective market shares by 40% and 344% since the beginning of 2023. Factors contributing to Ethereum’s decline include weak institutional interest, reduced ETF inflows, a stagnant derivatives market, and rising competition from other blockchains.
Despite still commanding a 51.7% market dominance in total value locked (TVL), Ethereum has seen a significant reduction from its February peak of 61.2%. Meanwhile, Solana’s TVL dominance has surged by 172%, highlighting a shift in the competitive landscape.
ETH/USD price trends indicate potential bearish movements, forming a classic bear flag pattern. A daily close below $1,600 would signal an impending significant decline, with targets suggesting a potential drop to $1,100, marking a 33% decrease from current levels. The relative strength index (RSI) remains beneath 50, reinforcing the bearish outlook. Analysts suggest that ETH might ultimately settle around the $1,000 mark based on various market indicators.
