After the Bitcoin (BTC) price closed last week above $52,000, the altcoin market is now ready for the next bullish phase. The total altcoin market capitalization, alias TOTAL2, is on the cusp of reclaiming $1 trillion following a solid breakout last week. Furthermore, the TOTAL2’s weekly Relative Strength Index (RSI) rallied above 70 level for the second time since the 2021 bull run.
Ethereum Whales Fuel Bullish Breakout
For the first time since the Terra Luna-induced crypto capitulation, Ethereum (ETH) has traded above $2,900. The recent approval of spot Bitcoin exchange-traded funds (ETFs) in the United States has significantly increased the odds of Ethereum-based ETFs soon. Furthermore, several fund managers led by BlackRock, Ark Investment, and Grayscale Investment have filed to offer spot ETH ETFs. As a result, Ethereum whales have been on a buying spree in the recent past.
According to on-chain data, several whales have withdrawn huge amounts of ETH from different exchanges including Binance. Consequently, Ethereum’s price could easily rally beyond $3,000 in the coming weeks. The weekly Auto Fibonacci Retracement shows ETH price will range between $3,150 and $3,750 in the near term, which coincides with the 2.618 and 3.618 levels respectively.
Also Read: Bitcoin Opens its Bull Market Doors With Highest Weekly Close: Here’s When BTC Price May Hit $100K
Top Altcoin to Pay Close Attention this Week
Amid the ongoing crypto bullish breakout, altcoins with impressive fundamentals and global online communities – led by Solana (SOL) – have already registered notable gains. Ocean Protocol (OCEAN) is a blockchain technology focused on the data economy at the intersection of blockchain, data, and Artificial Intelligence (AI). According to a popular crypto analyst alias Altsteet bets on the X platform, OCEAN’s price could easily rally 4x from the current levels after a solid breakout last week.
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