The new trading month on Ethereum market began quite cheerfully and promisingly as the price kept mounting. Buyers managed to overcome the obstacles in the range of $1900-1985. Their prize for this action was the all-time high update at $2146.
Despite low trading volumes during the current growth wave, sellers are not even trying to take the initiative. The daily timeframe shows how buyers for the 3 days are trying to fix above the range of $1900-1985:
Ethereum Gained confidence While BTC Lost influence
Interestingly, the beginning of a new local wave of ETH growth began at a time when the BTC price froze in consolidation. Reducing the BTC influence on the crypto world and its temporary stop had a positive effect on other coins, including ETH.
It seems that investors believe in the continued growth of the main cryptocurrency and have confidently continued to invest in other coins.
However, the loss of $1900-1985 will not mean a total failure of the buyer’s plan and a reversal of the trend. As we can see on the chart, the critical point of the growth wave of 11 January is at $1700. If we look closely at the trading history in the Ethereum market, this mark played an important role in forming the current trend.
It was after losing the mark of $1700 that sellers managed to aggressively collapse the ETH market on 22 February. And on 22-23 March, after a false breakdown of this mark, the Ethereum price began a new growth wave.
Now near the price of $1700, there is an important trend line of buyers. Having lost it this time, buyers will be forced to forget about the initiative in the market and defend in the range of $1250-1350.
Ethereum Dominance Increases Surges Post 2 Months of Price Correction
If we analyze the ETH dominance chart in the crypto market, it becomes clear why the price has grown so sluggishly over the past two months:
As we can see in the weekly timeframe, interest in ETH has significantly fallen since February. Within two months, new coins grew aggressively first, including DeFi projects, which have not yet fixed historical highs. Later, dinosaur coins such as EOS, XRP, ZEC, and others began to grow rapidly in the last few days.
The ETH dominance chart suggests that the time has come to set a new all-time high of $2980. The main obstacle is a confident price fixing above $1900-1985.