The altcoin market has been buzzing with excitement recently, driven by increased volatility and BlackRock’s application for a spot Ethereum exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC). Several altcoins, including Solana (SOL), Gas (GAS), Chainlink (LINK), Ethereum (ETH), and Immutable (IMX), have experienced substantial double-digit percentage gains thanks to their positive fundamentals over the past year.
Renowned crypto analyst and DeFi expert Miles Deutscher shared some intriguing observations on the X platform. He highlighted that the total altcoin market capitalization, excluding Ethereum (ETH) (Total 3), is approaching a critical resistance level that has posed challenges in the past.
The analyst suggests a potential macro head and shoulder (H&S) pattern formation, accompanied by a bullish divergence on the weekly Relative Strength Index (RSI). According to his analysis, an imminent breakout is on the horizon in the coming weeks.
Deutscher projects that Total three could rally toward the $450 billion mark, where some consolidation might occur before the next surge toward an all-time high.
Amid the ongoing rally, Benjamin Cowen, a quantitative trader and founder of Into The Cryptoverse, pointed out a key indicator to monitor. He emphasized that unless the ETH/BTC pair continues its current rebound, the market might experience further losses. As of the latest data available, Bitcoin dominance stands at approximately 52 percent, as reported by TradingView. Meanwhile, the ETH/BTC pair is trading at around 0.056, gaining about 11 percent in the past five days.
In summary, the altcoin market is in a state of high volatility, with positive developments like BlackRock’s Ethereum ETF application and strong performances from select altcoins. Analysts are closely monitoring key indicators, expecting potential breakthroughs and rallies in the coming weeks. It’s an exciting time for altcoin enthusiasts and investors, as the market evolves.
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