- Bitcoin’s dominance level surpasses 50%, impacting the altcoin market.
- Ethereum’s inability to show independent growth adds to the pressure on altcoins.
- An evaluation of Ethereum’s current chart and support levels.
Bitcoin’s dominance level has exceeded 50% for the first time since 2021, causing a stir in the altcoin market. Ethereum’s lack of independent growth, combined with the increasing dominance, continues to pose a threat to the altcoin market. This article examines the current situation and evaluates Ethereum’s chart and support levels.
Bitcoin Dominance Impacts Altcoin Market
The recent rise in Bitcoin (BTC) has also brought an increase in its dominance level. For the first time since 2021, BTC’s dominance has surpassed 50%, suppressing the rise of many altcoins, despite BTC’s 9.70% increase. This dominance level has created a challenging situation for altcoins, especially with Ethereum (ETH) also experiencing a lack of independent growth.
Ethereum’s Dominance and Altcoin Market Value
With Ethereum’s inability to show significant growth and the increasing dominance of Bitcoin, the total market value of altcoins (TOTAL2) continues to face danger. If the dominance level falls below 50% and ETH experiences an upward reaction, it could open the way for altcoins to rise. The current graph of ETH provides insights into its current state.
Ethereum (ETH) Chart Evaluation
After reaching $1620 and climbing to $1770, ETH faced a setback due to the increase in BTC dominance. Currently trading at $1725, the leading altcoin can quickly raise its TOTAL2 value if it breaks the resistance levels at $1777, $1844, $1915, $2020, and $2056.
Support Levels for ETH
In a scenario where BTC dominance continues to rise and negative news affects the industry, key support levels for ETH to monitor are $1588 and $1532. Losing the $1532 level could deepen the decline in the altcoin market.
As the dominance of Bitcoin strengthens, altcoins face challenges in their growth. Ethereum, as the leading altcoin, must overcome the dominance and show independent growth to pave the way for other altcoins. By evaluating Ethereum’s chart and monitoring key support levels, cryptocurrency enthusiasts can gain insights into the current state of the altcoin market.
