Ethereum has outperformed Bitcoin for the second consecutive quarter, gaining 16.4% with strong support near $3,650.
Despite price growth in USD, the ETH/BTC pair remains flat at 0.03094, showing no BTC-relative movement.
Market cap declined 0.6% to $441.85B, while 24-hour volume dropped 20.34%, signaling a short-term slowdown in activity.
Ethereum has reclaimed leadership in the digital asset market for the second consecutive quarter, outperforming Bitcoin in quarterly growth. This trend has been witnessed in 2021, the last time it happened on this magnitude, and Ethereum registered a fivefold increase in value. Today, Ethereum trades a good 30% lower than its all-time-high, but the asset is gaining fresh steam, approaching the $5,000 threshold.
By July 23, the market structure of Ethereum can be defined as positive, the technical indicators denote specific support and resistance areas, and market cap and trading volume data indicates that a short-term decline will occur.
Ethereum Consolidates Near Resistance Amid Sustained Upward Momentum
The current price of Ethereum is $3,675.28 indicating a significant growth of 16.4 percent over the latest cycle. It has been holding steady above the resistance level of $3,650.00, which has proved to be very crucial to its stability. In the following 24 hours, ETH was stable in a small range, and the high of $3,758.05 has been gathered as a resistance factor. Consolidation of prices between these two levels shows a struggle between buyers and sellers between the price levels of $3,700.
https://twitter.com/MasterCryptoHq/status/1947880950672789622
However, ETH remains relatively close to its historical peak, with less than a 30% gap remaining. This price positioning keeps Ethereum within reach of major psychological and technical thresholds. Momentum continues to build as the asset registers back-to-back quarters of outperforming Bitcoin.
Market Cap Slightly Down as Trading Volume Dips
At present, the market capitalization of Ethereum is $441.85 billion, with a slight decreasing tendency of 0.6%. In the meantime, trading volumes traded in 24 hours decreased by 20.34%, to $37.15 billion. This is a signal of weaker recent buying demand, though the drop has not taken its toll on the price yet of Ethereum as a whole.
Source: TradingView
The 24-hour volume to market cap ratio is 8.28%, which means that the liquidity is relatively high even though the volume decreased. Attention should be given further to establish whether this is a stalling of momentum or an early indication of trader sentiment. The Fully Diluted Valuation (FDV) continues to stand at 441.85 billion, which is correlated with present market cap levels.
Ethereum-Bitcoin Pair Stagnant Despite ETH Rally
Even though Ethereum is performing well when measured in USD terms, it is maintaining an unchanged price against Bitcoin. The price of ETH/BTC is 0.03094, which has been flat over the last 24 hours.
This stagnation is an indication that as Ethereum continues gaining momentum in dollar terms, it has not yet increased its performance edge over Bitcoin on the BTC coin. On the whole, Ethereum has shown bullish signs with solid support levels and converging route to former highs, but volume plays ought to be monitored.
