After Bitcoin (BTC) price closed above $52,000 last week, the altcoin market is now ready for the next bullish phase. Total altcoin market cap (aka TOTAL2) is on the verge of regaining $1 trillion after a solid breakout last week. Additionally, TOTAL2’s weekly relative strength index (RSI) exceeded the 70 level for the second time since the 2021 bull market.
Ethereum whales promote bullish breakout.
Ethereum (ETH) traded above $2,900 for the first time since the cryptocurrency capitulation due to Terra Luna. With the recent approval of a spot Bitcoin exchange-traded fund (ETF) in the United States, the possibility of an Ethereum-based ETF soon has increased significantly. Additionally, several fund managers led by BlackRock, Ark Investment, and Grayscale Investment have applied to offer spot ETH ETFs. As a result, Ethereum whales have been on a roll lately.
According to on-chain data, several whales have withdrawn huge amounts of ETH from various exchanges, including Binance. As a result, the price of Ethereum could easily rise above $3,000 in the coming weeks. According to the weekly automatic Fibonacci retracement, the ETH price will range between $3,150 and $3,750 in the near term, which is consistent with the 2.618 and 3.618 levels, respectively.
Best altcoins to watch this week
Amid the ongoing cryptocurrency bull breakout, altcoins with impressive fundamentals and global online communities, led by Solana (SOL), have already recorded notable gains. Ocean Protocol (OCEAN) is a blockchain technology focused on the data economy where blockchain, data, and artificial intelligence (AI) intersect. OCEAN’s price could easily quadruple from current levels after a firm breakout last week, according to a bet on the