ETH MFI Borders Oversold Territory

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Ethereum is testing a range of higher support currently after trending downwards earlier this week.

Ethereum has been following much of BTC’s movement fairly closely over the past couple of weeks. Volume throughout the market has mostly settled compared to the volatility of earlier in the month. It has even lost some dominance to BTC, however not too much.

The overall cryptocurrency market cap is currently at approximately $1.97 trillion. The overall volume is well below $100 billion at approximately $77 billion. With overall volume down and prices continuing to consolidate, it wouldn’t be surprising if we continue to see this type of sideways movement. Bitcoin dominance is currently at 40.1% while ETH dominance is at 19.8%.

Ethereum is testing support in its ratio to BTC currently too. This means that it’s struggling to outpace BTC as well as struggling to break resistance in this area. It should be noted that this is a historical area of resistance that has not been tested since 2018. It is not too surprising that ETH is struggling here, especially while the Ethereum network has been struggling with high gas fees for months now waiting on ETH 2.0.
It's very possible that ETH could continue to struggle in this range in its ratio to BTC, unless fundamental factors with ETH’s network improve.