Ethereum Stays Strong While Bitcoin Dominance Declines
Leading coins show mixed dynamics today. Solana is trying to settle above $231 while XRP is testing the resistance at $1.20. Meanwhile, “dog coins” are under pressure. Shiba Inu settled below $0.000070 and is trying to settle below $0.000066 while Dogecoin is trying to get below the $0.27 level.
Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, continues to move lower which indicates that interest in altcoins is growing. Currently, Bitcoin Dominance is stuck near 43.50%. A move below this level will push Bitcoin Dominance towards the support at 42.65% which will be bullish for Ethereum.
Ethereum managed to settle above the resistance level at $4,535 is is trying to settle above the next resistance which has emerged near $4,650.
RSI is very close to the overbought territory, but there is plenty of room to gain additional upside momentum in case the right catalysts emerge. It should be noted that RSI remains well below yearly highs that were reached back in May, which is bullish for Ethereum.
In case Ethereum climbs above $4,650, it will gain additional upside momentum and move closer to the $5,000 level.
On the support side, the previous resistance at $4,535 will serve as the first support level for Ethereum. In case Ethereum declines below this level, it will move towards the support at $4,380.
A move below this level will push Ethereum towards the support level at $4,150. If Ethereum manages to settle below the support at $4,150, it will gain additional downside momentum and head towards the next support which is located at the 20 EMA at $4,030.
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