Ethereum
Ethereum shows its strength against Bitcoin, will Altcoins outperform BTC in the coming days?
The weekend was expected to be slightly volatile, but Bitcoin’s sluggish behavior caused other major altcoins to remain region-locked. The token retained crucial support, which suggests that the bulls are gearing up for the next move. At the same time, the second largest cryptocurrency, Ethereum, showed great strength as the bears failed to push levels below $3,100. Furthermore, other altcoins are showing strength as they intend to surpass the crypto star in the coming days.
Major altcoins, like DeFi, NFTs, and some from the top 20, generally follow the price rise of ETH. When Ethereum shows strength against Bitcoin, these tokens hold 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 for a “mid-range” approach.
Throughout the 2022 bear market, the ETH/BTC pair has held in an average range, showing minor fluctuations. Additionally, when cryptos showed strength against USDT in Q4 2023, the pair faced a significant pullback. Currently, the pair is oscillating in a narrow range and the recent rebound from key support suggests the next upward trend of the rally. However, the drop in volume may raise some concerns, but the RSI, which is working to trigger a rebound, could turn things around for the crypto.
On the other hand, ETH bulls strive to negate the bearish impact as prices move sideways within a region. The MACD is slowly increasing towards the bullish range while the DMI remains neutral as all levels are parallel. Therefore, the ETH Price is expected to remain stuck in the range for some time, followed by a bullish breakout towards the upper resistance zone.
Market participants still seem optimistic about the upcoming trend as the bulls continue to hold some dominance. If the ETH/BTC pair maintains an upward trend and closes the weekly trade on a bullish note, the possibility of altcoins outperforming Bitcoin surfaces. Perhaps this is the time when a strong alternate season begins, in which the BTC Price can stabilize within a narrow range for a while.
Also discover: Bitcoin, Ethereum and XRP price prediction: a bullish rebound this week?