The cryptocurrency market is currently undergoing a renewed surge of enthusiasm, with altcoins contributing over $150 billion to the total crypto market, marking a 7.5% increase.
The present Relative Strength Index (RSI) reading of 75 suggests that Ethereum’s price is poised for further upward momentum.
As per the Money Flow Index (MFI), the advantage leans toward the bulls. This metric monitors the flow of funds into and out of the market, and sustained increases indicate a prevailing buyer influence during an uptrend.
In the wake of Bitcoin’s robust climb to $35,000, altcoins, spearheaded by Ethereum, are making significant strides, driven by a pivotal development from the SEC!
Ethereum Takes Cues from Bitcoin
The cryptocurrency market is currently abuzz with enthusiasm as altcoins contribute more than $150 billion to the overall market capitalization, marking a substantial 7.5% surge. When Bitcoin reached its 2023 high of $35,000, other prominent altcoins, including Ethereum (ETH), followed suit with gains exceeding 8%, pushing ETH past $1,800 and setting its sights on the next target of $2,000.
Notably, Ethereum has witnessed a remarkable increase of over 50% since the year began, making its current surge all the more significant. Adding to the intrigue, the SEC has accepted the application for reviewing Grayscale’s Ethereum Trust (ETHE) for conversion into a spot Ethereum ETF.
From a technical perspective, Ethereum’s price experienced a breakout above $1,745 after forming a double-bottom pattern. Additional technical indicators further reinforce the likelihood of the ongoing rally persisting in the near term.
With traders maintaining open buy orders, there is potential for a substantial 12.25% breakout to $1,958 when it materializes. As the breakout occurs, traders are expected to explore new opportunities beyond the neckline resistance, often accompanied by an uptick in trading volume.
The current Relative Strength Index (RSI) at 75 suggests that Ethereum’s price is poised for further ascension. However, it’s essential to exercise caution given the overbought conditions, potentially prompting investors to consider profit-taking or protective measures for their investments.
According to the Money Flow Index (MFI), the advantage tilts in favor of the bulls. This indicator monitors the flow of funds into and out of the market, with continuous increases signaling buyer dominance during an uptrend. The milestone of crossing the $2,000 level could serve as a pivotal turning point for Ethereum’s bullish prospects, potentially acting as a catalyst to initiate the next upward surge.
ADA and DOGE Initiate Their Actions
Within the list of the top ten cryptocurrencies, Dogecoin and Cardano have displayed a pattern akin to Ethereum, each registering gains of over 8%. BNB Coin and Ripple XRP have both accrued a 4% increase. On the other hand, the top-performing cryptocurrency, Solana, continues to exhibit stability and appears to be transitioning into a consolidation phase following its impressive weekly gains of approximately 30%.