Ethereum’s Price Dominance Steals the Spotlight from Bitcoin

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20 Jan 2024

• Ethereum’s price dominance over Bitcoin has increased by 22.4% in the last week, according to Santiment, an on-chain data source.
• The platform’s popularity has increased, with 89.4K new Ethereum addresses created daily and 96.3K wallets created just yesterday.
• Ethereum supply on exchanges is approaching its all-time low of 8.05%, indicating a lower chance of an immediate selloff.

While the Bitcoin price has been mainly stabilizing since the ETF approval, Ethereum has made big upward swings, closing the gap with BTC. At the time of writing, the Ethereum price was trading 1.44% higher at $2,564, with a market capitalization of $308 billion.

Ethereum Price Dominance

According to Santiment, an on-chain data source, Ethereum’s price supremacy has increased significantly compared to Bitcoin, by +22.4% in the last week. The past week has seen the production of 89.4K new Ethereum addresses every day, demonstrating the platform’s expanding popularity. Notably, a remarkable 96.3K wallets were created only yesterday.
Santiment
In addition to this on-chain action, Santiment’s data shows a notable trend in Ethereum supply on exchanges, which is approaching its all-time low of 8.05%. This shift toward self-custody and staking implies a lower chance of an immediate selloff, providing a more attractive picture than concerns about increased supply on exchanges. These on-chain dynamics provide light on Ethereum’s present market strength and what it could mean for future price swings.

ETH Price Trend Going Forward

During the current trading session on Tuesday, Ethereum pricing witnessed a minor dip, hitting the critical $2,500 mark. Notably, this level was formerly strong resistance but now appears to be providing substantial support for the cryptocurrency. The price action shows that Ethereum is attempting to enter a consolidation period.
The $2,700 level emerges as a critical obstacle, defining the upper end of the short-term trading range. Analysts believe this level is critical, and a breakthrough might open the way for a market surge, with Fear of Missing Out (FOMO) traders likely to join the rise. Beyond $2,700, the Ethereum price might rise to $3,400.
A bearish scenario could occur if Ethereum falls below the resistance level created during the Monday session. In such a circumstance, the cryptocurrency might fall toward the 20-Day Exponential Moving Average (EMA), which is approximately $2,300. Traders are paying close attention to these important levels, anticipating significant swings in Ethereum’s short-term trajectory.

Ethereum Summary According to Coinpedia

Coinpedia
The current price of Ethereum is $2,539.19, with a 24-hour volume of $11,345,693,049. The Ethereum token’s total circulating supply is 120,179,738.31651795 ETH.
Over the last 24 hours, Ethereum token trading activity totaled $11.34 billion. The volume of decentralized exchanges (DEX) was $23.59 million, while centralized exchanges (CEX) totaled $11.32 billion.
Starting on September 11, 2020, with an initial price of $387.74, the Ethereum token hit an all-time high of $2,707.52 on January 12, 2024, and a low of $1,524.08 on October 12, 2023.
Falling -43.71% from its ATH is disappointing, whereas rising +77.65% from ATL represents a significant adjustment to the next appreciation.
According to Coinpedia Onchain data, the Ethereum token has dex liquidity of 23,597,418.187185004 ETH over 38 active pools over the last 6 months on the BNB Smart Chain (BEP20) and Ethereum networks.

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Written by Zameer Attar

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Unveiling the Mysteries of Crypto | Analyst Extraordinaire 📊💎Stay tuned for market updates, educational content, and thought-provoking discussions🚀💡