Altcoins
Ethereum Shows Strength Against Bitcoin, Will Altcoins Overtake BTC in the Next Days?
The weekend was expected to be slightly volatile, but Bitcoin’s sluggish behavior forced other major altcoins to remain stuck within a region. The token held crucial support, which suggests that the bulls are preparing for the next move. Meanwhile, the second largest cryptocurrency, Ethereum, has shown strong strength as bears fail to drag levels below $3100. Furthermore, other altcoins are showing strength as they intend to outperform the cryptocurrency in the coming days.
Major altcoins, such as DeFi, NFT, and some of the top 20, usually follow the ETH price rally. When Ethereum shows strength against Bitcoin, these tokens remain above the critical range. Therefore, this suggests that altcoins are planning a larger move as ETH/BTC rebounds from key support, which could pave the way to move closer to the “mid range”.
During the 2022 bear market, the ETH/BTC pair remained within a medium range, showing minor fluctuations. Furthermore, when cryptocurrencies showed strength against USDT in the fourth quarter of 2023, the pair faced a significant pullback. Currently, the pair is hovering within a tight range and the recent bounce from key support suggests the impending ascending pattern of the rally. However, the dropped volume might raise some concerns, but the RSI, which is trying to trigger a rebound, could turn the tables for the cryptocurrency.
On the other hand, ETH bulls are trying to nullify the bearish impact as the price moves sideways within a region. The MACD is slowly rising towards the bullish range while the DMI remains neutral as all levels go parallel. therefore, the ETH price It is expected to remain stuck inside the range for a while, followed by a bullish breakout towards the upper resistance zone.
Market participants still seem hopeful in the upcoming trend, as the bulls continue to hold some dominance. If the ETH/BTC pair maintains an ascending trend and closes the weekly trade in a bullish tone, the possibility of altcoins outperforming Bitcoin emerges. This could happen when a strong peak season begins, in which the BTC price it may stabilize within a narrow range for a while.
Also check: Bitcoin, Ethereum and XRP Price Prediction: A Bullish Bounce This Week?