Altcoins
Will this be the next big altcoin during the upcoming bull rally?
With the cryptocurrency space holding its value above $2.15 trillion, the market is on the verge of experiencing a new round of bullish rally. Moreover, with the dominance of Bitcoin rising to 53.5%, the market leader is expected to hit its psychological milestone of $100,000 in the near future.
However, with the increasing volatility among altcoins, questions like “What is the future of altcoins?”, “Which altcoin is set to dominate the cryptocurrency market?” or “What is the next big altcoin?” have sparked the cryptocurrency space.
EthereumETF listing could prove to be a game changer:
The growing possibility of an Ethereum ETF listing this month could lead to the altcoin leader, Ethereum Priceexperiencing a huge jump in its portfolio. This could also lead the cryptocurrency market to experience a potential Altcoin Season in the coming months.
Ethereum Price Shows Growing Bullish Sentiment:
Despite the market leader, Bitcoin Price Correcting by about 1% over the past day, Ethereum price has seen a 1.39% jump in valuation. This has led the altcoin leader to surpass the $3,100 mark.
TradingView: ETH/USDT
Furthermore, the ETH Price successfully retested its crucial $2,800 support zone, resulting in trading under positive influence for the fourth consecutive day. Positively, the Ethereum token has increased by about 12% in valuation this week, indicating increased bullish influence.
On the other hand, Ethereum price is heading towards the resistance trendline of its descending channel pattern in the 1D time frame, which suggests a high probability of a bullish breakout in the near future.
ETH Coin Market Sentiments:
The simple moving average (SMA) recorded a positive crossover on its price chart, highlighting increasing bullish strength in the cryptocurrency sector.
The Moving Average Convergence Divergence (MACD) shows a steady decline in its red histogram towards its neutral point, indicating an increase in buying-selling pressure. In addition, the averages show a high possibility of a bullish convergence, suggesting a positive outlook.
Will Ethereum Price Reach $10,000 in This Bull Market?
Looking at the short-term perspective, if the ETH coin price continues to gain momentum, it will break out of its resistance trend line of the channel pattern and prepare to test its upper resistance level of $3,730.
With the current trading price of $3,149.60, Ethereum (ETH) price needs to surge by about 218% in valuation to reach the $10,000 mark. This would result in the market cap registering over $1.20 trillion.
Conversely, if a trend reversal occurs, the Ethereum cryptocurrency will plummet towards its crucial support level of $2,800 this month.
The Rise of the Solana Ecosystem:
The Solana ecosystem has attracted considerable attention from the cryptocurrency market this year. Despite correcting over 32% from its yearly high, this altcoin has added over 43% to its portfolio this year alone.
Furthermore, with a market capitalization of $66.02 billion, SOL Encryption It is the fourth most successful cryptocurrency and has a difference of $13.25 compared to the market capitalization of the Binance cryptocurrency (BNB).
For Price Solana To reach its target of $500, it needs to surge 251.79% from its current trading price of $142.13. This would further translate to it registering a market cap of $232.47 billion.