Ethereum currently represents 17.85% of the total market capitalization of all cryptocurrencies combined. This percentage may increase, especially after Ethereum ETFs start trading.
Looking at the chart of market cap ETH dominance, we see a promising bullish pattern due to five waves up from mid-May, followed by the current ABC retracement, indicating a phase within the bullish structure. This suggests Ethereum could perform well compared to other cryptocurrencies.
Looking at ETH/USD 1-hour time frame chart, there's a clear and strong push to the upside that resembles an impulse, apparently with an extended wave three at the resistance now.
So, be aware of a potential setback in the near term, but any dip should be short-lived, and ideally, it will stop around the former wave four near 3350, allowing for more upside after wave four.
Grega
