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After Solana, time for ETH? Bitcoin in consolidation with potential for decline in dominance
It is the undoubted hit of recent weeks Solana, which approached the $100 level this week. However, at the end of September, the token cost about USD 20. Hence, it is one of the most talked about major cryptocurrencies at the moment, as it has stormed into the top five of them in terms of market capitalization. However, it seems that it may be difficult for Solana to maintain such an upward trajectory in the following weeks, as this week already looks like very euphoric growth. All this is happening at a time when bitcoin's dominance still remains above 52%.
Nevertheless, what will happen with BTC's dominance may depend most on ETH. It is ether that needs to start getting better returns than bitcoin, so that the dominance can start to decline. It seems that after Solana's rally, some people are starting to wonder if maybe he is standing in the next queue ETH. The ETH/BTC ratio reached the level of 0,05 on Wednesday, i.e. the lowest level since June 2022. From there it began a turnaround, which seems to translate into a rather interesting shape of the weekly chart.
If this relationship starts to grow, and above all, if it increases above the level of 0,06 ETH / BTC, if the upward trend in the crypto market continues, ether could do much better. Then the ETH/USD rate could even go towards USD 3000, where further potential resistances may occur. The next potential resistance is around USD 4000. Support remains around the April peak at USD 2100. If ether were to move towards the first or second potential range, that could mean a 35 or 65% upside. Meanwhile, the closest range for bitcoin, if it were to continue to rise in price, may be at USD 51000, which in turn would imply an increase of 20%.
The above percentage difference seems to clearly indicate that in such a system the ETH/BTC difference would have to go up. From this perspective, BTC dominance should then decline and cross below the 51% level to be able to move towards 48% or lower.
