The Bitcoin (BTC) dominance level exceeding 50 percent after two years shook the altcoin market, which conditions are important for the rise of altcoins?
BTC, which has been on an upward trend since $ 24,800, brings dominance after it. BTC dominance, which exceeded 50 percent for the first time after 2021, did not allow altcoins to pass. Although BTC increased by 9.70 percent, many altcoins were suppressed by remaining silent due to the dominance level.
The altcoin market value (TOTAL2), which was squeezed when Ethereum (ETH) could not increase independently and dominance was added, continues to pose a danger for cryptocurrencies. If the domino value slackens below 50 percent and ETH can react to the upside, the altcoins are paved. But what does the current chart mean for ETH?
Etheruem (ETH) Chart Evaluation
ETH, which climbed from $ 1620 to $ 1770, retreated as BTC dominance increased. The pioneer of altcoins, which are currently traded at $ 1725, can quickly increase the TOTAL2 value when it breaks the resistances of 1777-1844 – 1915 – 2020 and 2056 dollars.
In the scenario where BTC dominance continues to rise and there are situations such as fud news about the sector, the support values that can be followed for ETH are $ 1588 and $ 1532. Losing the area at $1,532 could deepen the dips in the altcoin market.
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