Home web3.0 Crypto Analysts Predict Major Altcoin Rally: Ethereum's Resilience Signals Market Shift

Crypto Analysts Predict Major Altcoin Rally: Ethereum's Resilience Signals Market Shift

Jul 11, 2024 am 10:55 AM

Crypto analysts predict a major altcoin rally despite the current market downturn. CryptoAmsterdam and Michaël van de Poppe shared insights on X, highlighting potential buying opportunities.

Crypto Analysts Predict Major Altcoin Rally: Ethereum’s Resilience Signals Market Shift

Crypto analysts are predicting a major altcoin rally in response to the current market downturn. CryptoAmsterdam and Michaël van de Poppe shared their insights on the matter.

Despite the challenges faced by altcoin investors, both analysts remain optimistic about the long-term outlook. They believe that the bullish trend, as depicted by the higher highs and lows on the higher time frames, is still intact.

However, on the lower time frames, the market has experienced a downturn following a strong rally. This price action is creating lower highs and lows, indicating a bearish trend.

CryptoAmsterdam observed that the market is approaching the lower time frame range lows. This technicality, coupled with the market being in a mid-cycle bear phase, suggests that attempting to scale into new positions at these prices may not be optimal.

“We're halfway to the range lows. IMO it's not the time to scale into new positions,” the analyst stated.

CryptoAmsterdam advises waiting for either lower prices near the range low or a clear breakout above the 0.25 level and trendline confluence.

The analyst also shared their thoughts on the potential for an altcoin rally. They believe that the biggest altcoin rally of this cycle is yet to come, and the upcoming buying opportunity near the range low could be the best of the cycle.

Additionally, the analyst made an interesting observation regarding market structures. While BTC broke its recent lows on the higher time frame, ETH and Solana maintained their structures and potentially formed higher lows on the same time frame. This divergence could be signaling a shift in market dynamics.

Another crypto analyst, Michaël van de Poppe, shared his observations on the current market situation. He noted that Ethereum's Relative Strength Index on the daily timeframe has reached its lowest point since August 2023.

Moreover, van de Poppe observed that altcoins have hit their lowest RSI levels ever or of this cycle. He characterized the current market condition as “clear capitulation,” suggesting extreme selling pressure and potential oversold conditions.

The analysts' observations collectively paint a picture of a market in transition. While current conditions appear bearish, both experts anticipate the potential for a rebound.

CryptoAmsterdam suggests that the worst may be over for altcoins, despite the possibility of further downside and ranging in the short term. Notably, the analysts believe that the market is in a mid-cycle bear phase.

However, if BTC establishes a local bottom or reclaims its recent swing low on the higher time frame, the market dynamics could become interesting. This scenario could potentially trigger a broader market recovery, benefiting altcoins in the process.

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