Bitcoin’s resistance to a stronger foray towards the $60,000-level has had a corresponding effect on the market’s altcoins historically. This time, however, it was Ethereum to the rescue, with the world’s largest altcoin’s performance allowing other alts to hike too. This was the case with Uniswap and Ethereum Classic as well.
While the king coin was trading below $60k, ETH, at press time, was valued at just under $3,500, having hit an ATH of $3,534 less than 24 hours ago. The aforementioned ATH came on the back of a solid uptrend for the alt, an uptrend that saw the crypto surge by over 32% in a week. With the cryptocurrency’s on-chain metrics flashing bullish cues at the time of writing, more upside can be expected from ETH in the near term.
Interestingly, the last few trading sessions noted a spike in trading volumes too, a sign of the price action being supported by market support.
While Parabolic SAR’s dotted markers were under the price candles and underlined the bullishness of the ETH market, Relative Strength Index was well into the overbought zone, hitting highs unseen since January. With RSI not having a lot of room to move north on the charts, the possibility of a reversal should be expected too.
Here, it’s also worth noting that ETH’s surge up the charts has followed a similar spike in the OI and volumes of CME ETH Futures.
Uniswap, the crypto-market’s leading DeFi coin, was ranked 11th on the charts at press time. Thanks to the general bullishness in the altcoin market, UNI was also quick to recover from the market-wide depreciation on the 25th of April. In fact, the crypto appreciated by over 42% in just 4 days.
Since then, however, UNI has stalled somewhat on the price charts, with the crypto continuing to trade within a tight price range over the last few days. At the time of writing, the release of V3 was yet to have an effect on the crypto’s price.
While MACD line was above the Signal line, it was nearing a bearish crossover. This suggested that a trend reversal remained a possibility. On the contrary, Chaikin Money Flow was in good health with a reading of almost 0.20.
Ethereum Classic [ETC]
Ethereum Classic, alongside Dogecoin, has been one of the market’s best performers this month, with the altcoin climbing by an astounding 215% in the last 7 days alone. Valued at $106 at press time, ETC was well past the $94-mark Donald McIntyre proposed as a near-term target for the crypto in a video a few weeks back. It’s worth highlighting, however, that his projections were predicated on ETH hitting $3,000. With ETH close to $3,500 now, it would seem that the strong correlation between the two has come into play this time around.
While the mouth of Bollinger Bands was diverging to point to incoming price volatility, Awesome Oscillator’s histogram pictured an uptick in market momentum.
Subscribe to our Newsletter