The cryptocurrency market is witnessing a strong comeback of the altcoin bull cycle, led by Layer-1s like Ethereum, SEI, SUI, along with the price breakout of XRP.
The growth momentum primarily comes from stable Layer-1 Blockchains, helping the market move away from memecoin hype waves, while attracting significant interest from institutional investors and whales.
MAIN CONTENT
Ethereum breaks an important resistance level, a positive signal for altcoin breakout.
Whales and ETF funds drive ETH's upward momentum alongside strong technical breakout prospects.
XRP's price recovers thanks to expectations of a legal ruling and large whale trading activities.
Ethereum is experiencing a strong price increase with promising technical signals.
Ethereum is currently leading the altcoin recovery trend, rising 9% to surpass $3,330, breaking through the $2,800 resistance level, which has been a significant barrier for months, according to analysis by Michaël van de Poppe, a reputable cryptocurrency financial analyst.
ETH is only about 9.7% away from breaking the 4-year accumulation triangle, which could pave the way for a parabolic growth phase, leading to explosive price growth.
Ethereum is on the verge of a technical turning point, promising to create a significant wave in the altcoin market.
Michaël van de Poppe, Cryptocurrency Analyst, 06/15/2024
Institutional interest is rising as SharpLink Gaming, a publicly listed company, has invested $32 million to purchase 9,424 ETH, demonstrating institutional investor confidence in Ethereum over Bitcoin.
The ETH chart is currently forming a cup and handle pattern similar to the end of 2023 before prices broke out by 100%. If it breaks the $3,100 mark, the momentum could head towards the $3,800 - $4,000 range according to CryptosBatman, a cryptocurrency technical analysis expert.
Whale movements and ETH ETFs contribute to sustainable growth
On the whale side, a short position with 18x leverage is facing a loss of up to $3.5 million; if ETH surpasses $3,500, it would trigger a short squeeze phenomenon, driving prices higher.
At the same time, competition between Ethereum and Bitcoin in the ETF segment is intensifying, attracting significant capital inflows from institutional investors, laying the foundation for stability and long-term growth.
XRP price is rising sharply due to legal expectations and whale activity.
XRP has surged over 7% in just 24 hours due to expectations of a positive outcome in the lawsuit with the SEC, as well as the strong movement of on-chain whales.
Although there is no official ruling yet, many investors believe that a legal resolution will open the door to relisting on U.S. exchanges and drive adoption from major financial institutions.
XRP's price could rise sharply if the lawsuit is gradually resolved, expanding its application scope and listing on leading exchanges.
Cryptocurrency Analyst, Crypto Insights, 2024
On-chain data shows an increase in large XRP transactions, a sign that whales are restructuring their portfolios in preparation for the next upward move.
Bitcoin's dominance is decreasing, allowing Ethereum and XRP to break out.
Bitcoin's breakout from $111,000 to $120,000 echoes previous up cycles, as altcoins like Ethereum and XRP also quickly benefit.
The bull runs of 2017 and 2020 both recorded similar scenarios with decreasing Bitcoin dominance making way for altcoin euphoria. Now, the signs of weakening BTC dominance also predict a strong new recovery for Ethereum and XRP.
Cryptocurrency Momentum Bullish Technical Forecast Large Investor Ethereum (ETH) Breaks Resistance at $2,800, Cup and Handle Pattern Potentially Aiming for $3,800 - $4,000 SharpLink buys 9,424 ETH ($32 million) XRP Legal Expectations and Large On-chain Transactions Continuation of Momentum as Ruling is Announced Whales Restructuring Portfolio Bitcoin (BTC) Increases from $111,000 to $120,000 Dominance Decreases, Allowing for Altcoin Growth Institutional Investors Play a Central Role
Frequently Asked Questions
How much can Ethereum continue to rise during this phase? Experts predict ETH could reach $3,800 - $4,000 if it successfully surpasses the $3,100 resistance level. What factors are driving the recovery of XRP's price? Legal expectations with the SEC and large on-chain whale trading activities create upward momentum for XRP. How does Bitcoin currently impact the altcoin market? Bitcoin's price increase paves the way for altcoin recovery as BTC dominance decreases, according to historical cycles. What role do institutional investors play in the current trend? Investment funds and publicly listed companies are ramping up investments in ETH, stabilizing and fostering sustainable growth in the cryptocurrency market. How to recognize Ethereum's breakout signals? The cup and handle pattern and breaking the 4-year accumulation triangle are strong technical signals confirmed by leading analyses.
Source: https://tintucbitcoin.com/xrp-tang-manh-ethereum-bung-no-gia/
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