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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum May Soon Help Altcoins to Rocket Higher; Here’s How

Cole Petersen
Cole Petersen
1 year ago
2 mins read

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Ethereum and the aggregated cryptocurrency market have been consolidating for the past few days, with Bitcoin’s recent swing past $16,000 helping to provide a base of support for ETH and other altcoins.

The crypto market’s ongoing uptrend is driven almost entirely by Bitcoin, but ETH and most other major altcoins are still woefully underperforming the benchmark digital asset.

There have been some early signs of a capital rotation event away from BTC and into altcoins, with a few DeFi tokens, in particular, seeing immense momentum throughout the past several days.

Some of these tokens were able to post gains clocking in at 100% or more in a mere matter of hours, signaling that they had previously been oversold.

That being said, where they trend next – and whether they can mark their recent lows as a long-term bottom – will depend almost entirely on Ethereum.

While speaking about ETH, one trader explained that he believes it could soon help altcoins rocket higher. For this to happen, ETH/BTC will have to print some large green candles in the near-term, or else further downside could be imminent.

Ethereum Holds Steady Around $470 as Buyers Absorb Selling Pressure 

At the time of writing, Ethereum is trading up just under 2% at its current price of $470. Earlier this morning, its price plunged to lows of $466 in a sharp downwards movement, but buyers rapidly stepped up and reverted this decline.

$470 appears to be an important level for ETH, and a high time frame close above it could help open the gates for it to see further upside.

If it can post a weekly candle close above this level, it could soon see some major momentum that sends it past $500.

Analyst Claims Altcoins Could Rally if ETH/BTC Can Climb

One trader explained in a recent tweet that altcoins could extend their recent momentum and further confirm their recent lows as a long-term bottom if ETH/BTC can rally.

He notes that Bitcoin seeing some slowing momentum while Ethereum rallies will provide an ideal backdrop for higher risk tokens to grow upon.

“The only explanation I have for alts pumping with BTC is that BTC will stall here and ETH / BTC is prepping another scam candle. In other words, number go up. All numbers go up.”

Ethereum

Image Courtesy of Mac. Source: ETHBTC on TradingView.

The coming few days should provide some serious insight into where the altcoin market will trend toward the end of the year.

It may all depend on where Ethereum’s Bitcoin pair trends.

Featured image from Unsplash.
Charts from TradingView.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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