How Ethereum is Dominating the Crypto Market with SEC Approval
- The broader cryptocurrency market is experiencing a new wave of excitement today! Altcoins are adding over $150 billion to the entire crypto market by increasing it by 7.5%.
- The current Relative Strength Index (RSI) at 75 indicates that Ethereum’s price is preparing to continue rising.
- According to the Money Flow Index (MFI), the advantage is in favor of the bulls. This measurement tracks the flow of money in and out of the market, and continuous increases indicate buyer dominance in an uptrend.
Following Bitcoin’s enthusiastic move to $35,000, altcoins, led by Ethereum, are making moves: an important move from the SEC!
Ethereum Follows Bitcoin’s Lead
The broader cryptocurrency market is experiencing a new wave of excitement today! Altcoins are adding over $150 billion to the entire crypto market by increasing it by 7.5%. When the Bitcoin price reached $35,000, a new high for 2023, other top altcoins like Ethereum (ETH) also gained over 8%, surpassing $1,800 and setting their sights on the next target of $2,000.
It’s essential to note that Ethereum has increased its gains by over 50% since the beginning of the year with its current move. Another interesting development is the SEC accepting the application to review Grayscale’s Ethereum Trust (ETHE) for conversion into a spot Ethereum ETF.
According to technical charts, Ethereum’s price made a breakout above $1,745 after forming a double-bottom pattern. Other technical indicators also suggest that the rally is likely to continue in the near future.
If traders continue to maintain open buy orders, they could push for a potential 12.25% breakout to $1,958. When the breakout occurs, traders are likely to look for new opportunities above the neckline resistance, accompanied by an increase in trading volume.
The current Relative Strength Index (RSI) at 75 indicates that Ethereum’s price is preparing to continue rising. However, overbought conditions may require investors to be cautious, as they might need to take profits or protect their investments.
According to the Money Flow Index (MFI), the advantage is in favor of the bulls. This measurement tracks the flow of money in and out of the market, and continuous increases indicate buyer dominance in an uptrend. Crossing above the $2,000 level could be a significant turning point for Ethereum bulls, potentially acting as a catalyst that may initiate the next bullish run.
ADA and DOGE Make Their Moves
In the top ten cryptocurrency list, Dogecoin and Cardano have followed a similar trajectory to Ethereum, both gaining over 8%. BNB Coin and Ripple XRP have both gained 4%. Meanwhile, the top performer, Solana, still looks calm and seems to be entering consolidation mode after its weekly gains of around 30%.