- Ethereum’s market dominance has dropped to 7.18%, nearing its lowest level since 2019.
- A bearish chart pattern suggests ETH could fall to around $1,100 if support at $1,600 breaks.
- Rising competition from Solana and BNB, along with weak ETF flows, continue to pressure Ethereum’s market position.
Ethereum’s on shaky ground again. The market’s been anything but kind lately, and now a classic bearish setup has traders bracing for a possible drop toward $1,100—yeah, you read that right.
ETH Market Share Nears Rock Bottom
So, here’s the deal: on April 9, Ethereum’s market dominance dipped to 7.18%. That’s not quite an all-time low, but it’s uncomfortably close to the 7.09% mark we saw back in September 2019, which… well, wasn’t exactly a proud moment either.
“Ethereum dominance is so very close to registering new all-time lows,” said analyst Rekt Capital on X (formerly Twitter), tossing in a chart that looked, let’s just say, less than encouraging. He added, “ETH really needs to hold this zone if it wants to make a comeback in the months ahead.”
Meanwhile, XRP has been flexing. Its dominance has skyrocketed over 200% in the same stretch. And Solana? Up 344%. Even BNB is holding strong with a 40% climb. So, yeah, Ether’s looking kinda outpaced.
What’s Going On?
A few things are dragging Ethereum down. There’s been a drop-off in institutional interest (ETF flows have been mostly in the red), the derivatives market is sluggish, and rivals in the layer-1 space—Solana, BNB, Avalanche, etc.—are moving fast and breaking things.
Even in terms of total value locked (TVL), Ethereum’s slipping. Sure, it’s still leading with 51.7% dominance, but that’s down from 61.2% just a couple months back. Solana’s TVL dominance? Up 172% since February. That’s a serious leap.
Bear Flag Spells Trouble for ETH Price
Okay, so let’s talk charts. Ethereum’s daily chart is flashing a bear flag—classic warning sign. It’s been forming over the past few weeks, and if price dips below $1,600, that could trigger a breakdown. Fast.
If the flag plays out the way these things usually do, we’re talking about a 33% drop, which would put ETH around the $1,100 mark. Not a total crash, but definitely a rough ride.
RSI? Still under 50, which suggests the sellers are still holding the wheel for now. And if momentum doesn’t flip soon, we could be looking at even lower levels. Some analysts are already whispering about a possible $1,000 bottom.
