As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless bull runs and bear markets. The recent breakout by Ethereum is reminiscent of the late 90s dot-com boom, where small players outperformed the big guys.
Following its test at the significant resistance point approximately $2,620 the previous week, Ethereum (ETH) managed to break out and reach a high of about $2,750 on Sunday. This large-cap cryptocurrency currently has a fully diluted market valuation of around $329 billion, with an average daily trading volume of approximately $17 billion. In the last 24 hours, it saw a nearly 4% increase and was trading at around $2,739 during the early hours of Monday, October 21st in Europe.
Over the last day, approximately $27 million worth of Ether positions in the leveraged market were closed, with most being from those who had bet on a decrease in Ether’s value (short traders). This trend suggests that the possibility of a short squeeze on Ethereum prices in the near future is higher than before, potentially causing more price fluctuations moving upward.
Furthermore, there’s optimism that the cryptocurrency market will improve in the near future due to increasing anticipation of a bullish October.
As a crypto investor, I’m excited about the upcoming developments. The Federal Reserve is anticipated to lower interest rates once more, and with the US 2024 general elections approaching swiftly, this situation seems favorable for a bullish cryptocurrency market. In fact, China has recently reduced its interest rate by 25 basis points, aiming to boost their economy’s growth. These actions could lead to increased investment in digital currencies.
It’s worth mentioning that the cryptocurrency market is likely to experience a surge similar to what we saw in the precious metals market, primarily driven by Gold and Silver.
Ethereum Price Breakout Signal Altseason Ahead
For the first time in several months, the value of Ethereum has surpassed that of Bitcoin during an upward trend, even though there’s a significant gap in cash inflows for spot ETFs. Over the past day, Bitcoin’s price increased by approximately 1% to reach a potential new high of over $69,000.
#Crypto #Alts
At present, we’re adhering to our strategy, but experiencing a substantial bullish trend that resembles a Descending Broadening Wedge pattern in my opinion. This might lead to a significant altcoin recovery in the upcoming weeks, as it seems to be the final resistance for now.
Seems Like 300-400% Is An Easy…
— World Of Charts (@WorldOfCharts1) October 20, 2024
The recent price increases in Ethereum over the past 24 hours has sparked a significant shift in attention towards the altcoin market. Leading the charge are top-tier altcoins such as Solana, Shiba Inu, and Dogecoin, which have all broken out of a prolonged consolidation period that started in March. Notably, Solana boasts a 24h volatility of 5.5%, while Ethereum’s volatility stands at 0%. The market caps for these coins are as follows: Solana ($78.99B), Shiba Inu ($11.15B), and Dogecoin ($21.40B). Their respective 24h trading volumes are $4.14B, $515.35M, and $1.99B.
As Bitcoin’s dominance nears a significant psychological barrier at approximately 59%, many analysts anticipate a shift, potentially benefiting the market for alternative cryptocurrencies.
Midterm Target
Based on Peter Brandt’s analysis, Ethereum appears set to surge towards its record high soon, following a successful breakout. This bullish movement is attributed to Ether recovering from what could be an inverted head and shoulders pattern and a positive divergence in the daily RSI readings, which suggests stronger momentum in the market.
$ETH has just broken the inverse H&S reversal price pattern.
See you at $3k short-term pattern target.
— Mikybull 🐂Crypto (@MikybullCrypto) October 21, 2024
Primarily, there’s a possibility that Ethereum’s value relative to Bitcoin has formed a potential double bottom, accompanied by a positive divergence on the daily RSI. Consequently, Ether’s price might surge beyond $3K, with an intermediate goal of around $3.5K to $4K.
Read More
- DEXE PREDICTION. DEXE cryptocurrency
- WIF PREDICTION. WIF cryptocurrency
- From Season 4 Renewed With Release Date Window & Episode Count
- TURBO PREDICTION. TURBO cryptocurrency
- PEOPLE PREDICTION. PEOPLE cryptocurrency
- FIS PREDICTION. FIS cryptocurrency
- ZEN PREDICTION. ZEN cryptocurrency
- Yes, Vanessa Morgan & James Karnik Are Engaged
- POPCAT PREDICTION. POPCAT cryptocurrency
- RAY PREDICTION. RAY cryptocurrency
2024-10-21 11:40