Top Altcoins To Focus As Ethereum Price Surges!
The crypto market holds strong above the market cap of $1.6T, indicating a bullpower in the market. Further, altcoin leader ETH price has gained over 6% in value within the past day, highlighting the possibility of an altcoin rally in the coming months.
As the Ethereum price jumped, major altcoins followed in their footsteps and recorded significant movements in their value. Some of the known altcoins which have recorded notable jumps in their respective values are Optimism (OP), Solana (SOL), Arbitrum (ARB), and Injective (INJ).
Michael van de Poppe, a well-known crypto analyst with substantial followers of over 676K on the “X” platform, has recently posted about a few altcoin’s future price actions considering the present market sentiments.
Optimism (OP) Price Analysis:
Optimism (OP) price experienced a jump of over 25% in value within the past day, making it one of the top gainers for the day. The OP price experienced a surge in value, following the Ethereum price breaching its upper resistance level of $2,300 during the early trading hours today.
The Relative Strength Index (RSI) displays a sharp rise in the chart, indicating massive buying pressure for the coin. Further, the average has breached out of the over-bought range, suggesting a strong bullish sentiment in the market.
Further, the analyst predicts a possible negative price action in the short-term, in case of a trend reversal. If a correction is witnessed by the coin, the price is expected to bounce within the range between $1.85 and $1.935.
Arbitrum (ARB) Price Analysis:
Arbitrum price follows the footsteps of Ethereum as the token has experienced a jump of over 10% in value within the past day. Further, the ARB price successfully broke out of its key resistance level of $1.10, indicating a high possibility of a positive upswing in the coming time.
The technical indicator, RSI, displays a sharp rise from the mid-point in its chart, highlighting ongoing price volatility in the market. Moreover, a bullish convergence can be seen in the 4H time frame, suggesting the price will continue to gain momentum in the coming days.
Further, the analyst states that the price may experience a retest soon, but it presently shows strong bullish sentiment and is expected to test its upper resistance level of $1.30 soon with a potential bullish Q1 of 2024.
Conclusion:
Overall, the altcoin market has displayed a significant price action during the past months, indicating an increasing interest in investors in this category. Further, the leader of altcoins, Ethereum price has successfully achieved its year target, suggesting a high possibility of a massive price pump in the coming time.