Why Top Analyst Predicts an Altcoin Rally on Key Ethereum Breakout

sven scheuermeier YhdEgF qWlI unsplash 629x420

Ethereum broke above a crucial short-term resistance area this Wednesday. The second-largest cryptocurrency is now eyeing a “significant breakout” towards 0.032 sats, according to analyst Peter Brandt. The veteran financial strategist also predicted an altcoin rally should Ethereum move higher. Ethereum is performing better in the bitcoin-enabled market since the “halving” on May 11, 2020. The ETH/BTC exchange rate has climbed by more than 24 percent to 0.0263 sats from its May 13 low. Gains have mainly picked momentum heading into the current week. Ethereum has risen faster than Bitcoin so far in the US dollar markets, buoyed by a broader altcoin rally wherein some coins have rallied by as much as 40 percent in a day. Ethereum testing a long-term descending trendline resistance. Source: TradingView.com The overall upside sentiment finds its cues in the stock market. Bitcoin and the S&P 500’s record-setting positive correlation has prompted the cryptocurrency to…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE