The cryptocurrency market spot continues to consolidate in the absence of a new catalyst, post Bitcoin ETF. Leading altcoin Ethereum is taking over from Bitcoin with its relative performance. A popular crypto analyst says ETH is showing a bullish signal on its higher timeframe chart. Therefore, it suggests that Ethereum is on the verge of a rally. The analyst also states that the popular meme coin Dogecoin has a high chance of making a new move.
Analyst: The leading altcoin continues to target $3,400!
cryptokoin.comAs you follow from , leading crypto Bitcoin is stuck in the $42,000-$43,000 range. The leading altcoin Ethereum performed relatively better than Bitcoin this week. Popular analyst Ali Martinez says ETH is breaking out of an ascending triangle on its weekly chart. In this context, the analyst predicts that ETH continues to target $3,400 despite its short-term volatility.
An ascending triangle is a technical analysis pattern that typically contains two or more equal highs and a series of higher lows. It is generally accepted as a bullish formation. Meanwhile, Ethereum was trading at $2,545 at the time of writing, up 0.11% on a daily basis. In addition, the leading altcoin recorded a 6.86% increase on its weekly chart.
There are high chances of DOGE rising above $0.100!
Ali Martinez also says that the Tom DeMark (TD) Sequential indicator recently issued a buy signal for the original meme coin, Dogecoin (DOGE). Traders use the TD indicator to predict potential trend reversals based on the closing prices of the previous 13 bars or candles. Ali Martinez shares the following predictions for the altcoin:
As long as the $0.074 support cluster continues to hold, there are great chances for DOGE to bounce back to $0.100 or higher!
Meanwhile, DOGE was trading at $0.08047 at the time of writing, down 1.9% on a daily basis. However, the altcoin managed to record a 3.9% increase on its weekly chart.
Analyst warns about Bitcoin: Be alert!
Finally, the analyst looks at the leading cryptocurrency Bitcoin (BTC). Martinez states that the BTC Miners’ Position Index (MPI) reached its highest level at 9.43 on January 12. Based on this, the analyst makes the following warning:
This shows that miners are moving more BTC than usual and points to potential sell-offs. Despite the recent correction in BTC prices, stay alert! More sales by miners could push prices down even further!
MPI is a metric that gives insight into whether BTC miners are selling or holding their coins. It is calculated by dividing the number of outflows by all miners in US dollars by the 365-day moving average, according to digital asset analysis firm CryptoQuant. Meanwhile, BTC was trading at $42,591 at the time of writing, down 0.93% on a daily basis. In addition, Bitcoin lost 5.5% on its weekly chart.
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