altcoin The market remains positive amid rising volatility and BlackRock’s spot Ethereum ETF filing with the U.S. Securities and Exchange Commission (SEC). Many assets, including Solana (SOL), Gas (GAS), Chainlink (LINK), Ethereum (ETH), and Immutable (IMX), have managed to post significant double-digit percentage gains over the past year thanks to their positive fundamentals. succeeded.
Decision time for altcoins (TOTAL3). pic.twitter.com/OgTtq4lGg3
NEWS CONTINUES BELOW— Miles Deutscher (@milesdeutscher) November 10, 2023
Crypto analyst and DeFi expert Miles Deutscher shared some interesting analysis on his X account. Ethereum He emphasized that the total altcoin market capitalization (Total 3) is approaching a critical resistance level that has caused difficulties in the past.
The analyst believes that a potential macro head and shoulders (H&S) pattern accompanied by a bullish divergence in the weekly Relative Strength Index (RSI) is also important. According to his analysis, the chances of a breakout in the coming weeks are increasing.
Deutscher predicts Total 3 could rise towards $450 billion, where there could be some consolidation before the next rally towards an all-time high.
Amid the ongoing rally, Benjamin Cowen, known for his quantitative analysis, pointed out an important indicator to watch. Cowen emphasized that the market could suffer further losses if the ETH/BTC pair does not maintain its current recovery. As reported by TradingView, as of the latest available data, Bitcoin dominance stands at around 52 percent. Meanwhile, the ETH/BTC pair is trading around 0.056 and has gained nearly 11 percent in the last five days.
In summary, the altcoin market is in a state of high volatility, with positive developments such as BlackRock’s Ethereum ETF application and strong performances from certain altcoins. Analysts are watching key indicators closely and looking for potential breakthroughs and rallies in the coming weeks. It’s an exciting time for the community and investors as the market evolves.