Ethereum (ETH) is showing signs of potential upward movement according to a popular crypto analyst. Over the past two weeks, ETH has demonstrated price stability, leading the analyst to believe that it may be gearing up for more rallies in the near future.
In a recent strategy session, the pseudonymous trader known as Rekt Capital shared his insights with his large following on X. He pointed out that Ethereum has successfully held the $4,000 support level on the weekly chart for two consecutive weeks, indicating strength in the market.
Rekt Capital’s chart analysis suggests that ETH could soon rally to $4,542, showcasing a potential bullish trend. Currently, Ethereum is trading at $3,956, marking a nearly 28% increase in value over the last 30 days.
Despite the positive outlook for Ethereum, the analyst also highlighted the rising Bitcoin dominance (BTC.D), which measures the market cap of Bitcoin compared to all other cryptocurrencies. With BTC.D currently at 57.80%, Rekt Capital suggests that Bitcoin may continue to outperform altcoins in the near term.
On the topic of Bitcoin, the analyst cautioned that historical trends indicate a potential correction before another rally. Drawing parallels to past market cycles, Rekt Capital noted that Bitcoin has experienced significant pullbacks at various points in its price discovery phase. With Bitcoin currently trading at $106,972 and posting an 18% increase in the last 30 days, the market remains dynamic and subject to fluctuations.
In conclusion, the crypto market is poised for potential movements in both Ethereum and Bitcoin. While ETH shows promise for further gains, Bitcoin’s dominance and historical patterns suggest a cautious approach. Investors and traders should stay informed and vigilant as the market continues to evolve.
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Remember, investing in cryptocurrencies carries inherent risks, so always conduct thorough research and consider your risk tolerance before making any financial decisions in the volatile crypto market.