In the past few days, digital assets like Ethereum and Bitcoin have seen significant gains in value due to the recent market recovery. But, Ethereum has been one of the market leaders in this field. The Merge announcement in September led to a surge in the digital asset. However, this isn’t the only area where Ethereum has experienced a recovery.
Ethereum Steals Market Predominance
Ethereum’s rally above $1,500 had seen its market cap grow above $190 billion once more. With a more 40% recovery, the digital asset has seen some of the biggest gains in the past few weeks. This has seen the asset’s dominance across the industry grow.
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Ethereum is still the cryptocurrency with the largest market dominance. However, it has grown more in the past two days. This has seen it creep into bitcoin’s market cap as the pioneer cryptocurrency struggles to keep up with the market gains.
Bitcoin has seen its market dominance drop by over 2% in the past few days. This market share was rapidly absorbed by Ethereum, which saw its dominance increase in the same time frame. It gained more than 2%, going from $16% to 18.9% dominance.
Source:| Source: Market Cap ETH Dominance on TradingView.com
It is expected that it will continue to gain market share from bitcoin, as its price keeps rising. It is still far from its peak, which was 32% in 2017’s bull market.
ETH Takes $1,700 into Account
Ethereum has now crossed an important technical level. After trending below 50-day moving mean for most of the month, Ethereum has now flipped the technical level and is sitting comfortably above it. This has meant that the trend from bearish to bullish has completely changed, especially in the short-term.
The Worst May Be Over As Crypto Market Adds More Than $100 Billion| The Worst May Be Over As Crypto Market Adds More Than $100 Billion
It is now heading towards the next technical level after defying the bears. Despite the continued recovery trend, bears are beginning to challenge the $1,700 level. Ethereum needs to break this level in the near term.
If Ethereum can overcome the resistance at $1700, then the next level is $1,936. This point guarantees that there is no resistance beyond $2,500. Failure to beat the bears at 1,700 could lead to the digital asset falling to $1,300.
Featured image taken from The Guardian Nigeria News. Chart from TradingView.com
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