Why is Ethereum’s Market Share Falling?
Recent figures from Coinglass reveal that Ethereum has experienced significant liquidations, with $71 million lost in total. Buyers alone have lost $44 million, while sellers lost $27 million. The overall open positions have decreased by 2%, now sitting at $17.65 billion. Meanwhile, the ETH/BTC trading pair has fallen to 0.02267, marking a five-year low. These factors highlight Ethereum’s declining dominance and the market’s struggles.
What Are the Current ETH Price Trends?
As of now, Ethereum’s price hovers around $1,900, reflecting a 3.5% drop in just 24 hours. If the price fails to hold above the critical range of $1,870 to $1,880, increased selling pressure is likely, as indicated by the short-term EMA20 indicator. This could signal further bearish sentiment and price decline for ETH.
Key Insights from the Current Market Situation
- Ethereum’s market dominance has shrunk to 8.6%, a level not seen since February 2020.
- In contrast, Bitcoin’s market share has risen to 61.1%.
- The critical support level for Ethereum stands at $1,772, and a breach could further hinder its recovery.
- Market volatility is expected to increase due to uncertain global economic conditions and regulatory factors.
Outlook for Ethereum
With the cryptocurrency market facing turbulent times, Ethereum’s position remains precarious. Its shrinking market share and current price volatility demand close attention from traders and market participants. As the situation develops, Ethereum’s recovery potential may depend on several factors, including global economic conditions, investor sentiment, and regulatory developments. Observers are urged to remain vigilant and closely monitor ETH’s performance.
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