ETH.D: A Bullish Signal for Ethereum
We've been bullish on Ethereum for some time, and now we're looking at a key indicator that supports this view: ETH.D (Ethereum Dominance).
What is ETH.D?
ETH.D measures Ethereum's market capitalization as a percentage of the total cryptocurrency market capitalization.
Chart Analysis:
Looking at the monthly chart, we can see that ETH.D has been undergoing a significant correction since the previous bull run. We've identified a 3-wave pattern:
* Wave 1: A strong upward move, culminating with a bearish reversal signal.
* Wave 2: A large correction, forming an ABC shape.
* Wave 3: The potential current wave, targeting 37% ETH.D dominance.
What Does This Mean for Ethereum?
If ETH.D reaches the 37% target, it would indicate a significant shift in market power towards Ethereum. This could lead to strong price appreciation for ETH itself, as well as for Layer-2 projects like OP, ARB, and STRK.
Don't Count Out Layer-2s!
Many people believe that some Layer-2 projects are "dead." However, if Ethereum experiences a resurgence, these projects could also see a significant revival.
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Disclaimer: This is not financial advice. Always do your own research before making any investment decisions.
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