Top 3 Altcoins Poised For 10x Rally With Ethereum ETF Launch Today

Published by

Sohrab Khawas

July 23, 2024

The SEC officially green-lights the Ethereum ETF applications to begin trading on 23rd July 2024. A historic day for the altcoins and the crypto industry to increase the adoption of Ethereum and, in turn, the demand for $ETH.

While the ETH price will likely rise with the hype before the ETF trading, the bull run depends on net flows. A positive net flow could drive the ETH price to almost $5,000 this week.

Amid the bull run, the smart money will likely diversify into other altcoins that will give better returns with the HYPE. So, let’s take a closer look at our top three picks of altcoins poised for a 10x rally with the Ethereum ETF launch today.

Altcoins To Watch Out With Ethereum ETF Launch: Mantle (MNT)

With a falling channel breakout, the MNT price trend reveals a reversal rally from $0.625, gaining momentum. The bullish recovery surpasses the 200D and 50D EMA despite the recent death cross, undermining the bearish signal.

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The recovery rally accounts for 40% and resurfaces above the 23.60% Fibonacci level. Currently, the altcoin heads to the $1 mark, and with the boost from Ethereum ETF trading live later today, it is likely to enter a bull run.

According to the Fibonacci levels, the uptrend could reach the $2.75 mark. If the ETF performance is positive, the bull run will likely account for a 10X rally in 2024.

Ondo (ONDO)

Similar to Mantle, the ONDO price action reveals a breakout rally ready to pick up pace with a broader market recovery. Despite facing opposition from the 50D EMA, the short-term correction retests the breakout event.

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The uptrend in ONDO could rechallenge the peak above $1.40 and potentially reach the $1.50 psychological mark. As per the trend-based Fbiboacci level, the altcoin will likely hit the $5.75 mark.

AEVO (AEVO)

With a rising wedge in the daily chart, the AEVO price is facing opposition from multiple bearish elements. The 50% Fibonacci level is at $0.60, and the 50D EMA and the rising trendline are the resistances ahead.

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Considering the 66% recovery rally continues with a breakout, the bull run is likely to launch off with the broader market recovery. Hence, in the coming weeks, a 10x rally in this altcoin could reach the 2.618 Fibonacci level at $6.30.

Also Check Out: What’s Next For Top Memecoins As Bitcoin Price Hit $68K?

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.