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The cryptocurrency market as a whole has entered a new phase of enthusiasm. With altcoins following Bitcoin‘s (BTC) surge, the total market value has increased by 7.5% in the last 24 hours, resulting in an inflow of over $150 billion into the market.
Ethereum Leads the Altcoin Party
While the price of Bitcoin reached $35,000, the highest level of 2023, the altcoin king Ethereum (ETH) surpassed $1,800, gaining 8% in value. The altcoin king is targeting $2,000 as the next move. With its current move, Ethereum’s gain since the beginning of the year has exceeded 50%.
According to the technical outlook, Ethereum made a breakout above the $1,745 level after forming a Double Bottom Formation. Other technical indicators also suggest that the rally will continue. If investors continue to hold their open buy orders, there is a possibility of a 12.25% breakout for ETH, reaching $1,958. With such a breakout, investors will start looking for new opportunities with ETH above the neckline resistance, and as a result, a significant increase in trading volume can be expected.
The Relative Strength Index (RSI) currently at 75 indicates that Ethereum’s price is positioned to maintain its upward trend. However, investors need to be cautious as overbought conditions may encourage them to take profits or protect their investments. Furthermore, the Money Flow Index (MFI) shows that the advantage is in favor of the bulls. The index tracks the inflow and outflow of money into the market and indicates that control is in the hands of buyers during an uptrend.
Market experts emphasize that surpassing the $2,000 level in ETH is a significant milestone for Ethereum bulls. The breakthrough of this level could potentially trigger the next bull run.
Cardano (ADA) and Dogecoin (DOGE) Experience Significant Movements
Among the top ten cryptocurrencies, Dogecoin (DOGE) and Cardano (ADA) have gained 8% in the last 24 hours, following a similar trend to Ethereum. BNB Coin (BNB) and Ripple’s XRP have also gained 4% during the same period.
Meanwhile, the star altcoin Solana (SOL) continues its sideways movement after recording a 30% weekly gain and appears to be in consolidation.
