Ethereum Breakout Could Ignite Major Altcoin Rally, Analyst Predicts

Renowned crypto analyst Rekt Capital has shared insights on the future of altcoins, suggesting they could experience significant growth once Ethereum (ETH) takes a decisive move.

With a focus on Ethereum’s recent performance, the strategist emphasized how a strong breakout could fuel the next altcoin surge.

According to the analyst, Ethereum is nearing a critical threshold around $3,700, and a solid weekly close above this resistance could mark the end of its current downtrend and spark a bullish phase.

$ETH

Ethereum is now pressing past the ~$3700 resistance of its main pattern (light blue)

Weekly Close above the pattern top would kickstart a breakout and end the 2024 ETH downtrend#ETH #Crypto #Ethereum https://t.co/Ds4vlIB4UV pic.twitter.com/qGTuu7YjDV

— Rekt Capital (@rektcapital) November 30, 2024

In a recent update, they highlighted that Ethereum’s price has successfully crossed the $3,700 mark, showing potential for a continued rally.

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Late last month, Rekt Capital predicted that once Ethereum surpassed the $3,100 level, it would initiate a cycle of capital rotation – starting from Bitcoin, moving to Ethereum, and then trickling into mid-cap and smaller altcoins.

$ETH

Ethereum hasn’t even broken out from its current multi-month macro pattern (light blue)

A Weekly Close above the blue diagonal resistance would likely set up another wave in the Money Flow Cycle as ETH would take control of Large Cap Money Flow#ETH #Crypto #Ethereum https://t.co/b6HsC4z5uG pic.twitter.com/LV1hVAvea4

— Rekt Capital (@rektcapital) November 25, 2024

This pattern, if it unfolds, could set the stage for widespread gains across the altcoin market.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.