The price of Ethereum has experienced a significant breakout after forming a double bottom pattern. This suggests that it may continue its upward trend towards the $2,000 mark.
Today, the overall cryptocurrency market is in a state of excitement. Altcoins have joined Bitcoin in driving the entire crypto market up by 7.5%, increasing the total market value by over $150 billion for investors.
Ethereum Takes the Lead in the Altcoin Rally
Bitcoin reached a new high for 2023, hitting $23,000. Leading altcoins like Ethereum (ETH) have also performed well, with an 8% gain that has taken them beyond the $1,800 level, with an eye on the next target of $2,000. Ethereum has now extended its year-to-date gains to over 50%.
Additionally, the U.S. SEC has acknowledged Grayscale’s request to convert its Ethereum Trust (ETHE) into an Ethereum ETF, marking an interesting development in the cryptocurrency space.
SEC has acknowledged Grayscale's spot ether ETF filing…
This would be conversion of $ETHE into ETF. pic.twitter.com/JMmutgbakZ
— Nate Geraci (@NateGeraci) October 23, 2023
Based on the technical chart, Ethereum’s price has broken above the $1,745 level, forming a double bottom pattern. Other technical indicators also suggest that the rally is likely to continue.
If traders maintain their open buy orders, there’s a potential 12.25% breakout on the horizon, with the target at $1,958. When this breakout happens, trading volume is expected to increase as traders seek new opportunities with Ethereum above the resistance level.
The Relative Strength Index (RSI) currently stands at 75, indicating that Ethereum’s price is poised to sustain its upward movement. However, investors should exercise caution because overbought conditions might tempt traders to take profits or protect their investments.
The money flow index (MFI) favors the bulls, showing a consistent increase in buyer dominance during the uptrend.
Surpassing the $2,000 level could be a significant moment for Ethereum bulls, potentially triggering the next bull run.
Cardano (ADA) and Dogecoin (DOGE) Making Significant Moves
In the top ten cryptocurrencies, Dogecoin and Cardano have seen an 8% increase, similar to Ethereum. BNB Coin and Ripple XRP have gained 4%.
In contrast, Solana, which has been performing exceptionally well, is currently stable and appears to be entering a consolidation phase after a 30% increase over the week.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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