Ethereum capitalization spike
Ethereum dominance on the market has been continuously moving up as the year passes by gaining 11% market dominance since January. It totals 22% at press time. The main reasons for Ethereum's growth were an NFT rally in the middle of the year, implementation of the fee-burning mechanism and the overall rise of DeFi solutions.
With more use cases appearing on the Ethereum blockchain, more people are starting to use it, which means that they have to purchase some amount of Ethereum coins to utilize decentralized applications like NFT minting or DeFi platforms.
I think the ETHUSD price will consolidate in the $3800-5000 range in the short term, as you can see in the chart if we use $4328 as the entry price and calculate the profit pips on the upside and downside separately, we can see that the ratio is close to 1:1. Don't bet on either side to win until the price is out of the consolidation zone.
Ethereum dominance on the market has been continuously moving up as the year passes by gaining 11% market dominance since January. It totals 22% at press time. The main reasons for Ethereum's growth were an NFT rally in the middle of the year, implementation of the fee-burning mechanism and the overall rise of DeFi solutions.
With more use cases appearing on the Ethereum blockchain, more people are starting to use it, which means that they have to purchase some amount of Ethereum coins to utilize decentralized applications like NFT minting or DeFi platforms.
I think the ETHUSD price will consolidate in the $3800-5000 range in the short term, as you can see in the chart if we use $4328 as the entry price and calculate the profit pips on the upside and downside separately, we can see that the ratio is close to 1:1. Don't bet on either side to win until the price is out of the consolidation zone.
