The cryptocurrency sector could soon experience a stronger phase for altcoins, as there are signs suggesting that a potential upside is on the horizon. of Ethereum/Bitcoin charts suggest ETH and other altcoins are gaining momentum.
Ethereum RSI and MACD show bullish momentum
as observed According to cryptocurrency analyst Gordon Gekko, the relative strength index (RSI) has broken out on the daily chart of ETH/BTC. This breakout indicates increasing buying power by investors in the market. This means that Ethereum is gaining momentum compared to Bitcoin.
Notably, Ethereum remains above a key support zone as the altcoin has not fallen and fallen below the $3,000 support area. Previously, the stock briefly fell to a low of $2,992.23 within the past 24 hours, but has since regained momentum and hit a high of $3,167.93.
At the time of writing, Ethereum replaced The stock is trading at $3,094.46, representing an increase of 1.09% in the period. This follows a market-wide rally as the Crypto Fear Index hit a historic low of 16. The sharp decline in this indicator has triggered risk appetite among market participants.
Despite being willing to take risks, Ethereum investors remain cautious as trading volume remains in the red zone at $34.4 billion, down 29.83%. Analysts expect this to reverse soon due to community expectations. Upcoming fusaka upgrades In early December.
This upgrade introduces PeerDAS to increase Layer 2 data capacity and reduce transaction costs. Lower transaction costs could lead to increased network activity, which could have a positive impact on the price outlook.
Additionally, Gordon Gekko pointed out that Ethereum’s Moving Average Convergence Divergence (MACD) has crossed bullish territory. The 12-day and 26-day MACD movements indicate an uptrend for Ethereum.
Historically, Ethereum has been one of the main indicators of strength in the altcoin market, so this is a positive indicator as altcoins often rise when ETH/BTC turns bullish.
Bitcoin lags as market waits for clear direction
Bitcoin, on the other hand, only managed an increase of 0.31%. change It traded for $91,424.57 in the last 24 hours. This is despite El Salvador making new acquisitions in a move to increase its Bitcoin portfolio.
This development was not enough to generate new purchasing interest in the market. Due to continued price fluctuations, Bitcoin trading volume decreased by 32.12% to $79.05 billion.
Many investors still Monitor price outlook And make predictions before interest in flagship coins rekindles.
