Cryptocurrency markets mirrored major stock indexes in Europe, Asia, and the United States in the past 24 hours due to the possibility of an escalation of the crisis in the Middle East. Ethereum and Bitcoin prices led the overall crypto market, dropping 6% to around $2.39 trillion, according to the latest market data.
Due to the ongoing correction in cryptocurrencies, most traders, led by whales, have taken refuge in the stablecoin market.
Moreover, after Bitcoin's fourth halving last weekend, a new rebound is expected in the coming months.
Ethereum remains the undisputed altcoin leader
Top altcoins are gaining attention from institutional investors despite the US Securities and Exchange Commission (SEC) indicating that Ethereum does not qualify as a commodity like Bitcoin or gold. . According to the latest data, the Ethereum ecosystem has more than $80 billion in stablecoin market capitalization and nearly $50 billion in total value locked (TVL).
The recent Dencun upgrade has made the Ethereum network more competitive with upcoming layer 1 chains such as Solana (SOL), Toncoin (TON), and BSC, among others.
Ali Martinez’s expectations for Ether price trends
Ethereum price falling below $2,900 for the first time since mid-February signals short-term weakness that could lead to further capitulation in the coming months. According to detailed on-chain and technical analysis by popular cryptocurrency analyst Ali Martinez, Ether price will find a solid support range between $2,000 and $2,430 if it falls further.
Furthermore, Bitcoin's dominance against the altcoin industry is increasing and the ETH/BTC pair continues to show further weakness.
