Digital assets like Ethereum, Bitcoin, and other digital assets have experienced significant value gains over the last few days due to the recent market recovery. There have been some market leaders, however, Ethereum is one such. Although the Merge announcement in September had prompted a rally in digital assets, it isn’t the only reason why the cryptocurrency market’s second largest had seen a rebound.
Ethereum Steals Market Predominance
Ethereum’s rally above $1,500 had seen its market cap grow above $190 billion once more. With a 40% increase in value, the digital asset has seen some of its largest gains. This has seen the asset’s dominance across the industry grow.
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Ethereum remains the largest cryptocurrency by market share, although it has gained more in the last 2 days. This has seen it creep into bitcoin’s market cap as the pioneer cryptocurrency struggles to keep up with the market gains.
In the space of a few days bitcoin’s market dominance has declined more than 22%. Ethereum quickly took this market share and has been growing its dominant position in the space. The market share went up by more than 2 percent to 18.9%, from just $16%.
Source: Market Cap ETH Dominance on TradingView.com| Source: Market Cap ETH Dominance on TradingView.com
With bitcoin’s continued price growth, more of the market will be taken by it. But it’s still far away from its historic high. It was 32% during the 2017 bull market.
ETH Sees $1,700 in the Eye
Ethereum now has broken through an important technical threshold. After trending lower than the 50-day average over the past month, Ethereum is now comfortably above this technical level. In the short term, this has meant a 180 degree turn from bullish to bearish.
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It is currently heading towards the next technical level after defying bears. The bears continue to resist the recovery trend at $1,700. Ethereum needs to break this level in the near term.
Ethereum will be able beat resistance of $1,700 and move on to $1,936. The resistance at $1,700 is gone and Ethereum can move up to $2,500. The digital asset could plummet to $1,300 if it fails to defeat the bears at $1.700
Featured image taken from The Guardian Nigeria News. Chart by TradingView.com
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