Ethereum ETH price dropped to a five-month low earlier today. Proponents believe that Ethereum’s ETH dominance in the crypto ecosystem has dropped.

Ethereum bears push the altcoin’s price lower

Ethereum dropped below $3,118 level as bears took over the altcoin. Ethereum ETH price hit a new five-month low. Though the altcoin’s market capitalization exploded in 2022, Crypto analysts have predicted that Ethereum’s dominance in the ecosystem market could shrink this year.

According to the average market trade value to realized value, the current price is the most pain that Ethereum ETH traders have felt since July 2021. The price metric is obtained by dividing an asset’s market capitalization by realized cap. Average MVRV implies a bullish price outlook on Ethereum price.

Crypto Analysts at JP Morgan believe that Ethereum ETH is competing with DeFi protocols to maintain its dominance. The leader in financial services believes that a delay in sharding could make it challenging for Ethereum coin to compete with DeFi projects in the future.

Ethereum Coin has a strong network of developers and contributors that offer the altcoin a solid foundation to drive Mass adoption and utility. However, there is a high spike in competition from DeFi projects and Ethereum-killers with their rising on-chain activity and users.

@ChartSimpson, a Cryptocurrency analyst and trader, believes that Ethereum price was oversold since the crypto market bloodbath that followed the Covid crisis in 2020.

Crypto analysts believe that Ethereum price is in the ideal bearish Ichimoku breakout.

Matic Failure to hold inside the rising wedge

DOGE was stuck in kept its base at $0.168.