The Altcoin Market Is Heating Up as Ethereum ETF Discussions Intensify

Recently, altcoin holders have faced significant stress due to market movements over the past five weeks. Major shifts and turning points often involve extreme

Altcoin holders have been enduring a lot of pain over the past five weeks, as the market has been making some major shifts and turning points. This has caused a lot of people to give up and sell their altcoins, but it's important to remember that altcoins can only gain momentum when Bitcoin's dominance decreases.

And right now, that's exactly what's happening. The Bitcoin dominance chart, shared by Derek on X, shows that we're currently mirroring the peaks in 2017 and 2021, which signaled the beginning of an altcoin bull market. At this crucial juncture, there's a major shift happening between sellers and buyers.

The upcoming Ethereum ETF S-1 is bound to turn heads, especially among Bitcoin whales. I believe the altcoin market will be reacting in anticipation leading up to the mid-July launch of the Ethereum ETF S-1. Expect some volatility during this period, but staying calm and patient will be the key to navigating it.

Crypto Crusader is predicting a bullish July for the crypto market, and if the ETF does get approved, altcoin holders should brace for impact. We can expect to see Ethereum lead the market, decreasing Bitcoin's dominance and boosting ERC20 projects. This could trigger a rapid altseason, with Bitcoin possibly reaching $80,000 to $100,000 or more by the end of summer.

"If we see the ETF approval happen in the first week, altcoin holders you need to buckle up. Ethereum will start to lead the market and steal the show away from Bitcoin," he wrote.

Meanwhile, over on X, Moustache noticed that the 3W Gaussian-Channel has flipped from red to green, signaling a buy, much like in 2020. With prices continuing to hold above the EMA 10, he suggests that this could be preceding one of the biggest altcoin seasons.

The above is the detailed content of The Altcoin Market Is Heating Up as Ethereum ETF Discussions Intensify. For more information, please follow other related articles on the PHP Chinese website!