Ethereum Price Prediction: Bitcoin's Market Share Declines, ETH's Next Target May Be $4800

Changes in Ethereum Price and Bitcoin Market Share

Recently, Bitcoin's market share has declined in the total $4 trillion cryptocurrency market, providing opportunities for altcoins like Ethereum. Bitcoin's market share has dropped to 61%, marking a new low since March. In contrast, Ethereum has risen 21% in the past week, while Bitcoin has only increased by 0.6%.

This phenomenon has sparked discussions about the beginning of the "altcoin season," as investors are shifting funds from Bitcoin to other crypto assets, particularly the outstanding Ethereum. Market sentiment indicates that the rise of Ethereum may continue, and the increased demand from investors is also driving up its price.

Ethereum Historical Resistance Levels and Breakthrough Prospects

Despite the rise in Ethereum prices, for a strong upward trend to be confirmed, ETH must break through the key price range resistance (located between $3600 and $3900), which has not been surpassed in the past three years. If Ethereum can successfully break through this resistance level, the next target price could be $4800, potentially reclaiming its all-time high.

Investor demand for Ethereum has surged, especially as institutional investors like BlackRock increase their investments in Ethereum, further driving this upward trend.

Technical Indicator Analysis

Despite the recent price increase of Ethereum in the past few weeks, the Relative Strength Index (RSI) has not reached overbought levels (above 70), indicating that Ethereum still has room for further upward movement, and additional price increases are entirely possible.

Conclusion

With Ethereum's strong rise in the past week and the shift in market share, BTC's market dominance is collapsing, laying the foundation for further rises in ETH. If it breaks through the current key resistance area, ETH is expected to surpass its historical high, with a target price potentially reaching 4800 dollars.