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Ethereum Shows Bullish Momentum, Signaling Potential Altcoin Rally
Ethereum Price – The cryptocurrency market may be on the cusp of a stronger altcoin phase, with Ethereum showing signs of renewed momentum that could spark broader market activity.
Ethereum Shows Bullish Momentum
Crypto analyst Gordon Gekko points to a breakout in the Relative Strength Index (RSI) on the ETH/BTC daily chart, signaling increased buying strength from investors. Ethereum is maintaining its position above a key support zone, avoiding a dip below $3,000. In the past 24 hours, ETH briefly touched a low of $2,992.23 before climbing to a high of $3,167.93, and at press time, it traded at $3,094.46, representing a 1.09% increase.
Ethereum’s Moving Average Convergence Divergence (MACD) also turned bullish, with 12-day and 26-day MACD movements suggesting an upward trend. Historically, such bullish signals in ETH/BTC often correlate with rallies across altcoins, as Ethereum serves as a key indicator of broader market strength.
Market-Wide Rebound Amid Low Fear
The market-wide recovery follows a historic low in the Crypto Fear Index, which dropped to 16, triggering renewed risk appetite among investors. Despite this, Ethereum trading volume remains subdued, down 29.83% to $34.4 billion, as the community anticipates the upcoming Fusaka upgrade in early December. This upgrade will introduce PeerDAS, aimed at boosting layer-2 data capacity and reducing transaction costs, potentially increasing network activity and supporting price growth.
Bitcoin Remains Sideways
Meanwhile, Bitcoin has only marginally increased by 0.31%, trading at $91,424.57. Even with El Salvador’s recent accumulation, trading volume declined 32.12% to $79.05 billion, reflecting investor caution as the market waits for a clearer direction.
With Ethereum showing bullish signals and Bitcoin consolidating, analysts suggest altcoins could be primed for a resurgence in the coming weeks, especially as network upgrades and renewed market confidence take hold.
