Ethereum market share nears historic lows as ETH price risks falling to $1,100
Summary
Ether's (ETH) market dominance has fallen to 7.18%, nearing an all-time low of 7.09% from September 2019. This decline is attributed to weak institutional demand, negative ETF flows, a sluggish derivatives market, and increased competition from other layer-1 blockchains like XRP, BNB, and Solana, which have seen significant gains in market dominance. Ethereum's total value locked (TVL) has decreased from 61.2% in February 2024 to 51.7%, while Solana's TVL dominance increased by 172%. A bearish chart pattern indicates a potential price drop for ETH, targeting $1,100 if it closes below $1,600. The relative strength index (RSI) remains below 50, suggesting a continued downward trend.
