Ethereum Closes Gap with Bitcoin as Price Dominance Increases
Over the past week, Ethereum has seen a significant surge in price dominance against Bitcoin, with a 22.4% increase. This growth is supported by the creation of 89.4K new Ethereum addresses per day, indicating the platform’s increasing popularity. Additionally, there was a notable decrease in Ethereum supply on exchanges, suggesting a reduced risk of a selloff.
Looking at recent trading sessions, Ethereum initially experienced a slight pullback but found support at the $2,500 level, which had previously been a resistance level. This suggests that Ethereum may enter a consolidation phase.
The $2,700 level is considered crucial and breaking through it could lead to a potential market surge, attracting FOMO traders. On the other hand, if Ethereum breaks below Monday’s hammer formation, it may move downward towards the 20-Day EMA at around $2,300.
Hot Take: Ethereum’s Growing Strength and Potential
Ethereum’s increasing price dominance against Bitcoin and its growing traction can be seen as indicators of its current market strength. The decreasing supply on exchanges also implies a reduced risk of a selloff. These factors suggest that Ethereum has the potential for further price rallies in the future.
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