Ethereum market dominance has shrunk by 1.5% since the FTX implosion in November 2022. BlackRock iShares Ethereum Trust has crossed $1 billion in cumulative net inflows despite ETH ETF outflows. Ethereum continues consolidation as it fails to move above key trendline again. Ethereum is up more than 1% on Wednesday following Glassnode's report showing its market cap dominance loss compared to Bitcoin.
While buyers have attempted to stage a recovery, the resistance around $2,783 and a descending trendline extending from May 27 to September 27 has held ETH around the $2,500 to $2,700 range. ETH/USDT Daily chart The trendline suggests ETH could decline toward the $2,000 to $2,200 range in the coming weeks before staging a rally. ETH posted similar declines from August 2022 to November 2022 and July 2023 to October 2023 before eventually riding a three-month rally on both occasions.