With the crypto space holding its value above $2.15 Trillion, the market is on the verge of experiencing a new round of bullish rally. Further, with the dominance of Bitcoin increasing to 53.5%, the market leader is expected to achieve its $100,000 psychological mark during the coming time.
However, with the rising volatility among altcoins, questions like “What is the future of Altcoins?”, “Which altcoin is set to dominate the crypto market?” or “What is the next big altcoin?” has sparked the crypto space.
The Listing Of EthereumETF Could Turn Out To Be A Game Changer:
The increasing possibility of the EthereunETF being listed this month could result in the altcoin leader, Ethereum Price, experiencing a massive jump in its portfolio. This could also lead the crypto market to experience a potential Altcoin Season during the upcoming months.
Ethereum Price Displays Increased Bullish Sentiment:
Despite the market leader, Bitcoin price recording a correction of approximately 1% within the past day, the Ethereum price has recorded a jump of 1.39% in valuation. This resulted in the altcoin leader surpassing the $3,100 mark.
Furthermore, the ETH price has successfully retested its crucial support zone of $2,800, resulting in it trading under a positive influence for the fourth consecutive day. Positively, the Ethereum token has surged approximately 12% in valuation this week, indicating increased bullish influence.
On the other hand, the Ethereum price is headed toward the resistance trendline of its descending channel pattern in the 1D time frame, suggesting a high possibility of a bullish breakout during the upcoming time.
ETH Coin Market Sentiments:
The Simple Moving Average (SMA) has recorded a positive crossover in its price chart, highlighting increased bullpower in the crypto space.
The Moving Average Convergence Divergence (MACD) displays a constant decline in its red histogram toward its neutral point, indicating an increase in the buying-over-selling pressure. Further, the averages show a high possibility of a bullish convergence, suggesting a positive outlook.
Will Ethereum Price Hit $10K This Bull Market?
Considering the short-term perspective, if the ETH coin price continues to gain momentum, it will break out of its resistance trendline of the channel pattern and prepare to test its upper resistance level of $3,730.
With the current trading price of $3,149.60, the Ethereum (ETH) price requires a surge of approximately 218% in valuation to hit the $10,000 mark. This would result in it recording a market capitalization of over $1.20 Trillion.
Conversely, if a trend reversal occurs, the Ethereum crypto will plunge toward its crucial support level of $2,800 this month.
The Rise Of Solana Ecosystem:
The Solana ecosystem has gained significant attention from the cryptocurrency market this year. Despite recording a correction of over 32% from its yearly high, this altcoin has added over 43% to its portfolio this year alone.
Moreover, with a market capitalization of $66.02 Billion, the SOL crypto is the 4th most successful cryptocurrency and has a difference of $13.25 from Binance (BNB) crypto’s market cap.
For Solana price to reach its target of $500, it has to record a surge of 251.79% concerning its current trading price of $142.13. This would further result in it recording a market capitalization of $232.47 Billion.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Coinpedia – https://coinpedia.org/price-analysis/is-this-the-next-big-altcoin-during-the-upcoming-bull-rally/
