Ethereum [ETH], the second-largest cryptocurrency by market cap, is currently facing challenges in maintaining its dominance in the broader crypto market. Despite the total market cap of cryptocurrencies showing a long-term upward trend, ETH’s share in this market is on the decline, hovering slightly above 15%. This decline raises concerns about ETH’s ability to regain dominance, especially with its market cap fluctuating between $546 billion and $316 billion.
One positive sign for Ethereum is its ability to stay above all weekly moving averages, indicating strength and momentum in the market. ETH remains above key SMAs, including the 8SMA and 20SMA, suggesting a bullish outlook. This resilience is encouraging for traders, as Ethereum has bounced back from a significant decline when its price dropped to $2,100.
Despite the challenges in market dominance, smart whales are taking advantage of these fluctuations to make profits. Some savvy traders have successfully swing-traded ETH, with one whale, 0xe0b5, achieving a 100% success rate across eight trades since August 12. Another whale, 0xc08B, made a substantial profit by buying and selling ETH at opportune moments.
In addition to whale activity, the daily amount of ETH being burned has increased by 163% in the past week, signaling a positive outlook for Ethereum’s future price. The burning of ETH reduces the overall supply, potentially driving the price higher if demand remains steady. This trend has historically preceded price rises in January and October 2023, further supporting the bullish case for ETH.
Overall, despite the challenges in market dominance, Ethereum’s strong performance on key technical levels, whale activity, and the rising burn rate all point towards a continued price increase. While ETH may be struggling to regain dominance in the market, these factors suggest a bullish future for the cryptocurrency.
Next: Will Aptos rally above $10? Key levels to monitor The world of technology is constantly evolving and advancing, with new innovations and products being introduced on a regular basis. One of the most exciting developments in recent years has been the rise of virtual reality (VR) technology. VR has the potential to completely revolutionize the way we interact with computers and digital content, offering immersive and lifelike experiences that were previously only possible in science fiction.
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