At the time of writing, there seemed to be no end to Ethereum’s bullishness and uptrend, with the world’s largest altcoin well past the $4,000-mark. Unfortunately, its effects on the rest of the altcoin market were also slipping, with the likes of Solana and THETA failing to appreciate significantly on the back of the same.
The world’s largest altcoin, at press time, thanks to its latest bullishness, was one of the market’s best performers this year with YTD returns of 492%. What’s more, its market cap was close to $500 billion too. In the last week alone, ETH climbed by 34% on the charts, despite Bitcoin continuing to remain well below the $60k-mark.
At the time of writing, it was still uncertain when overdue corrections might finally set in within the Ethereum market.
While Parabolic SAR’s dotted markers were under the price candles and were pushing the alt’s price north, Relative Strength Index was surging towards 0.90 and was well into the overbought zone. While there remained some room for more upside, it can be expected to fall as soon as the RSI hits its ceiling. Right now, the market’s buyers seemed to have the upper hand.
ETH’s recent performances have contributed to highly optimistic price projections for the year, with one analyst expecting the alt to climb to $8,000 or $10,000 by the end of the year.
Solana, at press time, was ranked 19th on CoinMarketCap’s charts, thanks mostly to its price surge in the month of April. May, however, has been a different story, with the altcoin confined within a tight price band on the charts despite the wider altcoin market’s general bullishness. The first few days of the month saw SOL fall by almost 15%, with the crypto observed to have failed to recover at the time of writing.
Curiously, despite the stagnancy in SOL’s recent price action, its volumes have remained steady over the month.
Valued at over $44 at press time, SOL’s MACD line was well under the Signal line and underlined the bearishness prevailing in the market. A bullish crossover in the near term would be critical to the alt’s fortunes. Further, the Awesome Oscillator was continuing to lose market momentum.
With SOL having hiked by 3,200% in 4 months, more upside can be expected soon. This, despite the aforementioned bearishness on the price charts.
THETA’s price action, at press time, had stagnated somewhat within months of its exponential hike up the charts in the month of March. Like SOL, despite the wider market’s general bullishness, THETA hasn’t been able to capitalize and surge again. While the previous week did see the alt climb by 21%, corrections soon befell THETA’s market.
Bollinger Bands were holding their width and suggested that price volatility was likely to remain steady in the near term. On the contrary, Chaikin Money Flow was heading north of zero, a sign of capital inflows finally gaining strength.
As pointed out by a recent analysis, muted trading volumes remain a concern too. However, with the OBV heading north as well, some bullish signs continue to persist.