The recent surge in the price of Ethereum (ETH) to $3,300 over the weekend has sparked speculation of a trend reversal for the second-largest crypto token by market cap. Analyst Derek pointed out signals on Ethereum’s Moving Average Convergence/Divergence (MACD) indicator that suggest the end of a decline and a shift in the upward direction. Additionally, the Ethereum Dominance chart has confirmed three bottoms, indicating a strong rebound and a potential continuation of the upward trend.
Individual investors have been more active in the market compared to institutional investors, resulting in a price rebound for Ethereum without significant volume. Notable investors like Justin Sun have purchased significant amounts of Ethereum, with a wallet believed to belong to the TRON founder acquiring $405 million worth of ETH. Another whale, despite facing losses, opened a new long position worth over $17 million, contributing to Ethereum’s recent resurgence.
Crypto analyst Trader Tardigrade noted a breakout in Ethereum’s Bitcoin pair chart, with the Relative Strength Index (RSI) also indicating a bullish trend. The RSI value is now above 50, further supporting the positive outlook for Ethereum. Trader Tardigrade expressed confidence in Ethereum’s potential for a parabolic move to the upside, which could also lead to a surge in other altcoins.
Altcoin Rally Expected to Follow Ethereum’s Lead
Analysts like Derek and Crypto Prof foresee a rise in altcoins following Ethereum’s bullish trajectory. The increase in dominance of Ethereum is expected to drive an explosive rise in altcoins that have been under pressure. Crypto expert Michaël van de Poppe previously predicted a shift in the market narrative towards Ethereum post-halving, leading to a rebound in altcoins against Bitcoin pairs.
Current Market Status of Ethereum
As of the latest data from CoinMarketCap, Ethereum is trading at approximately $3,170, experiencing a slight decrease of over 1% in the last 24 hours. Despite minor fluctuations, the overall sentiment remains bullish for Ethereum and the altcoin market in general.
Disclaimer
It is important to note that the information provided in this article is for educational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries inherent risks, and individuals are advised to conduct their own research before making any investment decisions. NewsBTC does not endorse specific investment actions and encourages readers to exercise caution when trading in digital assets.
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