The domination of Ethereum on the crypto market fell to 7.18 %, a level close to its historic low. A low graphic pattern now suggests a possible correction to $ 1,100 in the coming weeks.
The domination of Ethereum reaches critical levels
On April 9, Ethereum's market share in the global market capitalization of cryptos affected 7.18 %, a multi -year floor which borders its historic lowest of 7.09 % recorded in September 2019.
This spectacular fall reflects the continuous erosion of Ethereum's influence in the face of its direct competitors.
Analyst Crypto Rekt Capital recently alerted that “ Ethereum's domination is about to reach new historic low ». He underlines The crucial importance for Ethereum to defend its current position to hope to regain ground in the coming months.
While Ethereum weakens, its rivals are progressing significantly. The XRP has seen its market share jump more than 200 % since 2019.
Likewise, Solana has strengthened its position with an impressive increase of 344 % of its dominance since 2023, while BNB Chain increased by 40 % over the same period.
A “lowering flag” announces a potential fall to $ 1,100
The technical analysis of the ETH course reveals the formation of a motif in “lowering flag” on the daily graphic, a signal generally heralding a continuation of the downward trend.
A daily fence below the $ 1,600 threshold would confirm this scenario and could trigger a strong correction.
This technical model, the objective of which is calculated from the height of the “mast” of the flag, suggests a potential for decrease to $ 1,100, a fall of 33 % compared to the current levels. The relative force index (RSI) also remains below 50, strengthening the lower perspective.
Several factors explain this weakness of Ethereum: an anemic institutional demand with negative eTF flows, a market for dynamism derivatives and increased competition from alternative blockchains.
The total locked value (TVL) of Ethereum also declined, from 61.2 % in February 2024 to 51.7 % today.
In short, the decline of Ethereum is part of a broader context of questioning its model. Between criticisms of influential figures like Peter Brandt, who describes ETH “worthless waste”, and concerns about his Tokenomics, certain strategic choices may well have precipitated his fall, making the future of the pioneer blockchain of intelligent contracts more uncertain.
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