Potential Altcoin Rally if ETH Continues Showing Strength, Says Trader
An intra-day trader who goes by the name Skew Δ (@52kskew) tweeted yesterday that Ethereum (ETH) continues to lead the altcoin market in terms of performance, given its positive price movement over the last few weeks. The trader added that a continued rise in ETH’s price over the coming days may open up an opportunity for other altcoins’ prices to rise as well.
Now if we compare TOTAL3 to ETH, we can see ETH leads the altcoin market in terms of weakness & strength.
Large lag in altcoins here or is this a fakeout?
if ETH is actually showing strength here, some alts are well undervalued. pic.twitter.com/vDppXFtl18
— Skew Δ (@52kskew) April 16, 2023
At press time, CoinMarketCap shows that the global crypto market cap has fallen 0.45% over the last 24 hours. As a result, the combined crypto market cap is currently estimated to be around $1.27 trillion.
Furthermore, the dominance of the crypto market leader Bitcoin (BTC) has also fallen in the last 24 hours. At press time, BTC’s market dominance is approximately 45.70%, which shows a 0.41% decrease in the past day.
With regards to ETH, the altcoin leader has seen its price drop over the last 24 hours and is trading at $2,096.34 currently. This is a slight 0.20% drop in the crypto’s price compared to yesterday. ETH was, however, able to outperform BTC over the same time period and printed a 1.25% gain on the leading crypto.
Daily chart for ETH/USDT (Source: TradingView)
ETH’s price continues to trade within the daily consolidation channel between $2,014 and $2,140 at press time. This is after it posted a 4.93% gain on Thursday and another 4.37% gain on Friday, allowing the altcoin’s price to break through the key $2,014 level.
One indicator that traders will want to keep an eye on is the daily RSI indicator which is currently flagging a bearish sign. At press time, the daily RSI line is sloped negatively towards oversold territory, which suggests that ETH’s price has reached a peak and will likely drop in the next 24-48 hours.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
