Ethereum Breakout Could Ignite Major Altcoin Rally, Analyst Predicts
03.12.2024 14:00 2 min. read Kosta Gushterov
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.
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.
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.
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.
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