This Indicator Shows Ethereum is Structurally Similar to Where BTC Was in 2016

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Bitcoin and the aggregated cryptocurrency market have been leading altcoins higher, with Ethereum showing some immense signs of strength as it once again breaks $470 The broader crypto market is getting stronger, as altcoins are now rallying in tandem with BTC or closely following it If this trend persists, then investor sentiment and risk appetite may continue growing, leading more investors to rotate capital into higher beta assets This possibility is already coming to fruition, as all the blue-chip DeFi tokens have been surging throughout the past week One analyst is noting that Ethereum may aid in this market-wide uptrend, as one reliable indicator he is watching is flashing some bullish signs Bitcoin and the aggregated crypto market are pushing higher today, with Ethereum leading altcoins to retest their key resistance levels. ETH is still underperforming Bitcoin heavily over a macro timeframe, but there is a chance that it will…

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