Ethereum market share nears historic lows as ETH price risks falling to $1,100

Ethers (ETH) market is very close to hitting all-time lows as a classic bearish chart pattern hints at a deeper correction toward $1,100.Ethereums market dominance keeps fallingOn April 9, Ethereums market dominance, or the measure of Ethers share of cryptos overall market capitalization, hit a new multiyear low of 7.18%, according to Cointelegraph Markets ProandTradingView data.This value was merely a hairs breadth above the all-time low of 7.09% reached in September 2019.Ethereum dominance is so very close to registering new all-time lows, said popular crypto analyst Rekt Capital in an April 13 post on X, adding:Ethereum Dominance needs to hold this green area to position itself to become more market-dominant over the coming months.ETH market dominance %. Source: Rekt CapitalEthers market share is now at its lowest value since 2019-2020. Meanwhile, Ethers closest competitor in terms of market capitalization, XRP (XRP), has seen its dominance rise by over 200% over the same timeframe.Its top layer-1 rival tokens, BNB Chains (BNB) and Solanas (SOL), have also seen 40% and 344% increases in their market dominance since 2023.Several reasons for this underwhelming performanceinclude weak institutional demand evidenced by negative ETF flows, a sluggish derivatives market, and increasing competition from other layer-1 blockchains.More trouble for Ethereum could also be found when analyzing the total value locked (TVL) of competing blockchains. Although Ethereum remains the leader with a market dominance of 51.7%, this metric has decreased from 61.2% in February 2024. In comparison, Solanas dominance in terms of TVL has increased by 172% over the same period.Total value locked market share (%). Source: DefiLlamaETH price bear flag targets $1,100Ether price, or the ETH/USD trading pair, is expected to resume its prevailing bearish momentum despite recovering from recent lows as a classic (bearish) chart pattern emerges.Related: Ethereum could be AIs key to decentralization, says former core devEthers price action over the past three weeks is painting a possible bear flag pattern on the daily chart, as shown in the figure below. A daily candlestick close below the flags lower boundary at $1,600 would signal the start of a massive move downward.The flagpoles height sets the target, putting Ethers potential price drop target at $1,100, or a 33% drop from the current price.ETH/USD daily chart with potential bear flag. Source: Cointelegraph/TradingViewMeanwhile, one key indicator to keep an eye on remains the relative strength index, or RSI, which is still below the 50 mark, suggesting that the market trend still favors the downside.As Cointelegraph reported, ETH's price may ultimately bottom out at around $1,000 based on several other factors.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.