- ETH/BTC just gave its highest weekly close in 8 months.
- This marks a massive bullish sign for altcoins.
- Several altcoins could surge parabolically and set new ATHs.
As the week flows, the price of Ethereum and altcoins seem to be showing more activity compared to Bitcoin over the past few days. At the moment, the price of Bitcoin has dipped from $87,000 to the $85,000 price range. Meanwhile, the price of ETH has been going steadily up, marking its surge from under $2,500 to now trading in the $2,700 price range. ETH/BTC just gave its highest weekly close in 8 months showing massive bullish sign for altcoins.
ETH/BTC Just Gave Its Weekly Close in 8 Months
According to CoinMarketCap analytics, the price of Bitcoin (BTC) is currently trading in the $85,900 showing that the asset is up by 13% in the last 7 days and up by almost 11% in the last 30 days. Similarly, the price of Ethereum (ETH) is currently trading in the $2,700 price range showing that the asset is up by 14% in the last 7 days and up by over 11% in the last 30 days. Experts believe ETH will surge up far more over the coming months.
This signal suggests that a massive bullish trend is developing in the altcoin market. The ETH/BTC chart has just recorded its highest weekly close in 8 months, indicating that altcoins are gaining strength and more buyers are entering the market. If this uptrend continues, more capital could flow into the altcoin market.
The expectations for Ethereum and altcoins prices specifically to surge has been a long-time coming as Bitcoin already surges parabolically from the $60,000 to the $126,000 price range during the previous bull cycle. Meanwhile, the price of ETH only went from $4,800 to $4,900 in terms of setting new ATH prices from the previous cycle. Thus, analysts believe that this bull cycle will be highly rewarding for altcoins in particular.
Massive Bullish Signal for Altcoins Flare
At the moment, some believe this year alone could usher in new ATH prices for both BTC and altcoins, with BTC going as far as $190,000 while several promising altcoin assets are expected to hit new ATH targets of their own. On the other hand, others expect the bull phase to expand into the next year and possibly even longer if the traditional 4-year bull cycle is expected to play out.
The latest market data shows that the price of ETH has just tapped the $2,800 resistance zone. Ethereum is now at the 100W SMA, and this week will decide the next move. A weekly close above the 100W SMA could push ETH towards $3,300 – $3,400. However, a rejection means ETH might retest the $2,550 zone.
