On July 10, Ethereum (ETH) experienced a notable increase, surpassing the $2700 mark and reaching above $2800. This event has generated significant interest around the possibility of an altcoin rally.
Technical Indicators for Ethereum
Starting the month at $2484.51, Ethereum has shown a substantial 17.04% rise so far in July. Its one-day jump of 6.2% surpasses Bitcoin’s modest 2.2% increase. Open interest in Ethereum futures on the Chicago Mercantile Exchange has reached $3.27 billion, marking a record high since February 2. Institutional interest is evident with eight consecutive weeks of inflows into spot Ethereum ETFs.
Prospects for Altcoin Season
According to Swissblock, the next 72 hours are crucial for Ethereum’s performance against Bitcoin. If Ethereum’s momentum holds, it could signal an altcoin market dominance akin to that seen in 2021. However, if Ethereum’s price dips below $2750, its upward momentum could weaken, with $2375 noted as the first significant support level.
Summary and Upcoming Expectations
Key takeaways from Ethereum’s recent activity include:
* Ethereum’s 6.2% increase outpaced Bitcoin’s gain. * Interest in Ethereum futures is at its highest since February. * A sustained rise could signal the start of an altcoin season.
Ethereum's rise indicates dynamic shifts in the cryptocurrency market and could open a new phase for altcoins. Investors and market observers are keen to see the implications of Ethereum’s recent rally, especially in relation to Bitcoin and the broader market landscape.
