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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Ethereum’s Dominance Over the Market May Soon Explode Higher; Here’s Why

Cole Petersen
Cole Petersen
1 year ago
2 mins read

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Ethereum’s price is moving higher today alongside that of Bitcoin and the rest of the crypto market.

This latest push higher has allowed ETH to re-surmount its crucial $380 level – which is the price that has determined several trends throughout the past few months.

Bulls must now move to build support at this level, as another break below it could have some lasting damage on the cryptocurrency’s technical outlook.

Traders widely believe that the coming few days and weeks will alter Ethereum’s macro outlook, as the confluence of it having a bullish market structure, mixed with positive fundamental developments like the phase 0 rollout of ETH 2.0, could provide bulls with fuel.

One trader is now noting that he is anticipating these bullish factors to give Ethereum’s market dominance a serious boost.

While it is only currently sitting around 12%, he is eying a move past 17% in the coming few weeks.

If this dominance climb does take place, it will suggest that ETH has seriously outperformed both Bitcoin and its peers.

This potential dominance rise could also reignite “altseason” and provide smaller altcoins with massive momentum.

Ethereum Sees Bullish Upswing as Buyers Reclaim $380 

At the time of writing, Ethereum is trading up roughly 1% at its current price of $382.

This marks a notable surge from its recent lows of $362 set just a few days ago, with the strong base of support here acting as a launchpad for its recent push higher.

It is imperative that bulls build support at $380 and defend this level, as an ability to do so could further bolster their current strength.

The ongoing price rise has come about due to that seen by Bitcoin. The benchmark cryptocurrency is in the process of pushing up towards the upper-$11,000 region.

Analyst: Sharp Rise in ETH Dominance Likely 

One respected trader recently explained that a sharp rise in Ethereum’s dominance could be right around the corner.

He is watching for it to climb from roughly 12% to 17%, which would indicate that its price significantly outperforms that of Bitcoin and other altcoins in the near-term.

This target can be seen on the below chart that he recently put forth:

Ethereum

Image Courtesy of Pentoshi. Source: ETHUSD Dominance on TradingView.

The coming few days should provide some insight into this possibility, as the phase 0 rollout of ETH 2.0 could be a catalyst for upside.

Featured image from Unsplash.
Charts from TradingView.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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