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Ether’s (ETH<\/a>) market is very close to hitting all-time lows as a classic bearish chart pattern hints at a deeper correction toward $1,100.<\/p>\n On April 9, Ethereum’s market dominance, or the measure of Ether’s share of crypto’s overall market capitalization, hit a new multiyear low of 7.18%, according to Cointelegraph Markets Pro<\/a> and TradingView data<\/a>. <\/p>\n This value was merely a hair’s breadth above the all-time low of 7.09% reached in September 2019.<\/p>\n “Ethereum dominance is so very close to registering new all-time lows,” said popular crypto analyst Rekt Capital in an April 13 post on X, adding:<\/p>\n “Ethereum Dominance needs to hold this green area to position itself to become more market-dominant over the coming months.”<\/p><\/blockquote>\n ETH market dominance %. Source: <\/em>Rekt Capital<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n Ether’s market share is now at its lowest value since 2019-2020. Meanwhile, Ether’s closest competitor in terms of market capitalization, XRP (XRP<\/a>), has seen its dominance rise by over 200% over the same timeframe. <\/p>\n Its top layer-1 rival tokens, BNB Chain’s (BNB<\/a>) and Solana’s (SOL<\/a>), have also seen 40% and 344% increases in their market dominance since 2023. <\/p>\n Several reasons for this underwhelming performance<\/a> include weak institutional demand evidenced by negative ETF flows, a sluggish derivatives market, and increasing competition from other layer-1 blockchains.<\/p>\n More trouble for Ethereum could also be found when analyzing the total value locked<\/a> (TVL) of competing blockchains. <\/p>\n Although Ethereum remains the leader with a market dominance of 51.7%, this metric has decreased from 61.2% in February 2024. In comparison, Solana’s dominance in terms of TVL has increased by 172% over the same period. <\/p>\n Total value locked market share (%). Source: DefiLlama<\/em><\/p>\n<\/figcaption><\/figure>\n Ether price, or the ETH\/USD trading pair, is expected to resume its prevailing bearish momentum despite recovering from recent lows as a classic (bearish) chart pattern emerges.<\/p>\n Related: <\/strong><\/em>Ethereum could be AI’s key to decentralization, says former core dev<\/strong><\/em><\/a><\/p>\n Ether’s price action over the past three weeks is painting a possible bear flag pattern<\/a> on the daily chart, as shown in the figure below. A daily candlestick close below the flag’s lower boundary at $1,600 would signal the start of a massive move downward.<\/p>\n The flagpole’s height sets the target, putting Ether’s potential price drop target at $1,100, or a 33% drop from the current price.<\/p>\n ETH\/USD daily chart with potential bear flag. Source: Cointelegraph\/<\/em>TradingView<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n Meanwhile, one key indicator to keep an eye on remains the relative strength index, or RSI<\/a>, which is still below the 50 mark, suggesting that the market trend still favors the downside.<\/p>\n As Cointelegraph reported<\/a>, ETH’s price may ultimately bottom out at around $1,000<\/a> based on several other factors. <\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Ether’s (ETH) market is very close to hitting all-time lows as a classic bearish chart pattern hints at a deeper correction toward $1,100. Ethereum’s market dominance keeps falling On April<\/p>\nEthereum’s market dominance keeps falling<\/h2>\n
ETH price “bear flag” targets $1,100<\/h2>\n