Story Highlights
Ethereum leads the altcoin season recovery: ETH surges 9%, breaking through $3,330, approaching a major breakout area not seen in 4 years; institutional buying and ETF transfers boost its rise.
XRP rises due to legal optimism: With increased whale activity and growing hopes for a final settlement with the SEC, XRP is up 7%, potentially leading to relisting.
After a calm June, the cryptocurrency market is showing new vitality during the altcoin season. Major cryptocurrencies, including SEI, SUI, Ethereum, and XRP, have experienced significant volatility.
Analysts say this altcoin rally may be led by robust Layer-1 blockchains, marking a shift away from meme coin-driven speculation.
Ethereum price breaks bullish signals.
Ethereum price leads altcoins today, surging 9% and breaking through $3,330. The breakthrough of the key resistance level at $2,800 has caught the attention of analyst Michaël van de Poppe, who believes this is a strong signal for the altcoin's strong return, with Ethereum in the lead.
Currently, ETH is only 9.7% away from breaking a large-scale accumulation triangle that has lasted for 4 years, a technical formation that could trigger a parabolic rebound.
Adding momentum to the bullish sentiment, publicly traded company SharpLink Gaming recently purchased $32 million worth of 9,424.69 ETH, highlighting growing institutional interest in Ethereum, surpassing that in Bitcoin.
A potential cup and handle pattern has also appeared on ETH's chart, similar to the pattern before the price skyrocketed by 100% at the end of 2023. If ETH breaks the neckline at $3,100, analyst cryptosBatman expects it to rise toward the $3,800 to $4,000 range.
Whales and the shift in ETH ETFs further propel the rise in Bitcoin prices.
Supporting the bullish view is the unusual behavior of whales. A large short position with 18 times leverage is currently down $3.5 million. If ETH breaks $3,500, it could trigger a short squeeze, providing more momentum for the breakout.
Meanwhile, as Ethereum gradually diminishes Bitcoin's long-standing ETF dominance, institutional interest is also increasing, attracting considerable investor attention.
XRP price rises due to legal hopes and whale behavior.
XRP has also seen new growth momentum, rising over 7% in the past 24 hours. Analysts suggest this may be related to the general trend of altcoins and speculation around a final resolution of the legal dispute between Ripple and the SEC.
Although no official rulings have yet been made, investors hope that a settlement or final clarification will open the door for relisting on U.S. exchanges and institutional adoption.
More optimistically, on-chain data shows a surge in large XRP transaction volumes, indicating that whales may be repositioning ahead of significant moves.
BTC dominance weakens, paving the way for price surges in Ethereum and XRP.
Bitcoin breaks $111,000 and surpasses $120,000, resonating with previous cycles in which altcoins followed closely. Analysts note that past bull markets, such as in 2017 and 2020, saw BTC's rise paving the way for rebounds in Ethereum and XRP. As BTC shows early signs of declining dominance, history may be repeating itself as altcoins prepare for the next big move.
Overall, if ETH breaks the resistance level of $3,500 and XRP continues to rise, a larger rebound may occur, but traders should still pay attention to stable trading volume and confirmations before going all in.
