Ethereum Continues to Struggle Below New Resistance

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After attempting to test resistance once more yesterday, ETH eventually closed yesterday’s daily candle with a red close around $1,900.

This isn’t too largely surprising as we’ve seen ETH lose a large amount of dominance throughout much of the week. On the daily chart, volume looks like it’s attempting to settle a but from its heights about a week ago. This could be a good sign, as it could indicate that volatility may settle a bit, and ETH could find some strong support in this range.

On the daily chart, the MFI has been bordering oversold territory in this range for about a month. Contrary to the MFI’s lax movement, the MACD has seen some substantial movement throughout the past month and a half. The momentum waves look to be swinging upwards as the EMA lines look to be continuing their downtrend.

The overall cryptocurrency market is currently around $1.24 trillion with a volume of approximately $87 billion. BTC dominance is at 44.8% with ETH dominance at 18.9%. ETH dominance has dipped significantly after hitting 20% sometime last week.

This isn’t too surprising with the dips incurred by the broader crypto space and fiat markets, as BTC dominance usually increases during dips as BTC takes larger portions of the market share. You can see this occurring when comparing the ratios of tokens to BTC where BTC starts to show itself outpacing other tokens.