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The broader cryptocurrency market is experiencing a new phase of euphoria today! Altcoins has joined the Bitcoin party pushing the entire crypto market up by 7.5% while adding over $150 billion to investors.
Ethereum leads the Altcoins Party
As the Bitcoin price hit its new 2023 high at $23,000, top altcoins like Ethereum (ETH) have gained 8% moving past the $1,8000 level and eyeing the next move to $2,000. With its current move, Ethereum too has extended its year-to-date gains to more than 50%.
Another interesting development is that the US SEC has acknowledged Grayscale’s application of converting its Ethereum Trust (ETHE) into a spot Ethereum ETF.
SEC has acknowledged Grayscale's spot ether ETF filing…
This would be conversion of $ETHE into ETF. pic.twitter.com/JMmutgbakZ
— Nate Geraci (@NateGeraci) October 23, 2023
As per the technical chart, the Ethereum price has given a breakout above the $1,745 level after making a double bottom formation. Other technical indicators also hint at the continuation of the rally going ahead.
If traders maintain their open buy orders, they may propel a potential 12.25% breakout to reach $1,958. Once the breakout occurs, an accompanying surge in trading volume is likely, as traders look for fresh opportunities with Ether above the neckline resistance.
The Relative Strength Index (RSI) currently at 75 signals that Ethereum’s price is positioned to uphold the uptrend. However, investors need to warrant caution as overbought conditions could tempt traders to take profits or protect their investments.
As indicated by the money flow index (MFI), the advantage lies with the bulls. This metric monitors the flow of money in and out of the market, with a consistent increase indicating buyer dominance in the uptrend.
Surpassing the $2,000 mark could prove to be a significant turning point for Ethereum bulls. It will potentially act as the catalyst initiating the next bull run.
Cardano (ADA) and Dogecoin (DOGE) aka Big Moves
Among the list of top ten cryptocurrencies, Dogecoin and Cardano have followed a similar trajectory to Ethereum, with both gaining 8% each. BNB Coin and Ripple XRP have gained 4% each.
On the other hand, Solana – which has been the star performer – remains flattish and seems to be entering consolidation after registering 30% weekly gains.
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