Ethereum has been at the center of some of the largest developments within the crypto market throughout the past several weeks and months.
Nearly the entire DeFi ecosystem is built upon the Ethereum blockchain, which has driven massive demand for blockspace on the network. This has caused gas fees to rocket to all-time highs, with the trend showing few signs of slowing down anytime soon.
Despite the massive amount of capital that has flooded the DeFi ecosystem, it is imperative to note that this has not been fully reflected in ETH’s price action, as the cryptocurrency has remained somewhat stagnant as of late.
This may soon change, as one analyst is noting that he is expecting the cryptocurrency to see a massive surge in its dominance over the market in the near-term. He specifically believes it may rally as high as 17-18%.
There’s a possibility that Uniswap’s token launch will help fuel this.
Analyst: Ethereum Market Dominance to Surge Towards 18%
Ethereum’s price has been stagnant below $400 throughout the past few weeks, with buyers being unable to break back above this key level.
It is important to note that the selling pressure found around this key price region has catalyzed multiple harsh rejections, although ETH is finally beginning to garner some sustainable upwards momentum.
Whether or not it is able to hold above $380 could be the factor that determines its near-term outlook.
One trader believes that