Today, the Bitcoin market is witnessing an exciting new phase as it welcomes Altcoins. This union has propelled the entire cryptocurrency market, resulting in a remarkable 7.5% increase and generating nearly $150 billion in investor profits.
Popular cryptocurrencies like Ethereum (ETH) have experienced a remarkable gain of 8%, surpassing the $1,800 mark and setting their sights on the next milestone of $2,000. This upward momentum coincides with Bitcoin reaching an impressive new peak of $23,000 in 2023. As a result, Ethereum has seen its year-to-date profits surge beyond 50%.
The application by Grayscale to convert its Ethereum Trust (ETHE) into a spot Ethereum ETF has been accepted by the US SEC, marking yet another significant milestone.
The technical chart indicates that Ethereum’s price has broken out over $1,745 after forming a double bottom. Moreover, additional technical signs suggest the potential continuation of the rally in the near future.
Traders could potentially drive a breakout of around 12.25%, pushing the price to $1,958 if they maintain their open purchase orders. As these traders explore new opportunities with Ether surpassing the neckline barrier, an increase in trading volume is likely to follow the breakthrough.
Altcoins Trends: Ethereum 8% Rise, Solana In Consolidation
The Relative Strength Index (RSI) currently stands at 75, indicating favorable positioning for the upward momentum of Ethereum’s price. However, caution is advised for investors due to overbought conditions that may tempt traders to consider profit-taking or safeguarding their investments.
According to the Money Flow Index (MFI), the advantage currently favors the bulls. This metric specifically monitors and measures the flow of capital entering and exiting the market. A consistent increase in this index indicates a prevailing dominance by buyers in an upward trend within the market.
Additionally, the surpassing of the $2,000 threshold holds immense significance for Ethereum’s bullish investors. It has the potential to act as a catalyst, ushering in the long-awaited bull market.
However, in the realm of the top ten cryptocurrencies, Dogecoin and Cardano have followed a similar trajectory as Ethereum, with each experiencing an 8% increase. Conversely, BNB Coin and Ripple XRP have observed gains of 4%.
On the other hand, Solana, who stands out among the performers, currently maintains a relatively stable position. Solana seems to be entering a consolidation phase after achieving impressive 30% weekly gains.
Related Reading | CBI Nabs Crypto Scammer in India, Seizes $0.93 Mln in Assets
The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
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