Ethereum May Pump Altcoins Soon! Here’s How It Will Be.
Ethereum and the cryptocurrency market have been consolidating for the past few days. The ongoing uptrend of the crypto market is almost entirely driven by Bitcoin. But ETH and many other big altcoins are still performing worse than Bitcoin. DeFi crypto coins, which have been rising strongly over the past few days, have been the first signs of capital flowing from BTC to altcoins. Some of these cryptocurrencies managed to earn 100% or more in just a few hours.
However, whether altcoins can mark the next trends and recent lows as a long-term bottom will be entirely dependent on Ethereum . Commenting on ETH, a trader explained that he believes it could help altcoins soar soon. For this to happen, the ETH / BTC pair will need to register some big green candles in the near term, otherwise more downsides could be imminent.
Analyst: Ethereum could soon help altcoins to higher levels
At the time of writing, Ethereum is trading marginally at its current price. Recently, ETH dipped below $ 466 in a sharp decline. But buyers quickly took action and undo this decline. According to analysts, $ 470 appears to be a significant level for ETH, and this level could open the doors for ETH to see further bullishness. If ETH can post a weekly candle above this level, it could soon see a rally past $ 500.
Popular analyst named Mac believes altcoins can increase their final momentum. The analyst explained that if ETH / BTC can recover, altcoins can confirm their recent lows as a long-term bottom. The analyst states that Bitcoin’s slowing momentum during the Ethereum rally would provide an ideal ground for the growth of higher-risk altcoins. The next few days should give a serious idea of where the altcoin market will head towards the end of the year.