A closely followed crypto analyst claims that altcoin markets, especially Ethereum (ETH), are poised for an unexpectedly upward macro move.
According to the analyst known by the alias TechDev, several different metrics indicate that the crypto markets have bottomed and set the stage for the next rise. is showing.
First, TechDev shares a chart showing the total market cap of altcoins and the (LTC/BTC) trading pair forming bullish structures, while reporting that the US dollar index (DXY) and Bitcoin dominance are simultaneously showing weakness.
“The total market cap of altcoins, DXY, BTC dominance and LTCBTC offer clues about the broader market cycle position.”
The popular analyst also argues that Ethereum is showing strength against Bitcoin. TechDev has shared an ETH/BTC chart showing the relative strength index (RSI) for the leading altcoin potentially breaking out of a downtrend.
“ETH/BTC 3 weeks
Macro bullish altcoin chart.”
TechDev says there is a potential drop in Tether (USDT) dominance. USDT dominance is generally inversely proportional to crypto market movements. Because traders can sell their stablecoins for riskier crypto assets during bull runs and similarly buy back during bear markets.
According to the analyst, stablecoin dominance is “on the abyss,” suggesting that the crypto market value may see an influx of buying pressure.
Things are coming. pic.twitter.com/lD1UhM9bXU
— TechDev (@TechDev_52) January 8, 2023
Finally, the analyst adds:
“I think it is very likely that the majority will be unprepared for the next altcoin move.”
You can follow the current price action here.