The cryptocurrency market as a whole has entered a new phase of excitement. Bitcoin (BTC) surged alongside altcoins, resulting in a 7.5% increase in total market cap over the past 24 hours, resulting in over $150 billion flowing into the market.
Ethereum Leads the Altcoin Party
While Bitcoin price reached $35,000, the highest level of 2023, altcoin king Ethereum (ETH) crossed $1,800 with an 8% increase in price. The altcoin king is targeting $2,000 as the next move. With its current move, Ethereum’s gains since the beginning of the year have exceeded 50%.
According to the technical outlook, Ethereum breakout above the $1,745 level after forming a double bottom formation. Other technical indicators also suggest the rally will continue. If investors continue to place open buy orders, there is a possibility for ETH to reach a 12.25% breakout, reaching $1,958. With such a breakout, investors will start looking for new opportunities with ETH above the neckline resistance, and as a result, a significant increase in trading volumes can be expected.
The Relative Strength Index (RSI) is currently at 75 which shows that the Ethereum price is set to maintain its uptrend. However, investors need to remain cautious as overbought conditions may encourage them to take profits or protect their investments. Moreover, the Money Flow Index (MFI) shows that the advantage is in favor of the bulls. The index tracks the inflow and outflow of funds into the market and indicates when buyers are in control during bullish periods.
Market experts emphasize that crossing the $2,000 level in ETH is an important milestone for Ethereum bulls. A breakthrough at this level could potentially trigger the next uptrend.
Cardano (ADA) and Dogecoin (DOGE) Experience Significant Movements
Among the top ten cryptocurrencies, Dogecoin (DOGE) and Cardano (ADA) have gained 8% each in the last 24 hours, following a similar trend as Ethereum. BNB coin (BNB) and Ripple’s XRP have also increased by 4% during the same period.
Meanwhile, star altcoin Solana (SOL) has continued its sideways movement after recording 30% weekly gains and appears to be in consolidation.