The altcoin market is on the brink of a significant rally, driven by an impressive rise in Ethereum spot ETF trading volumes. As highlighted by MikybullCrypto, an analyst, Ethereum ETF surpassed $1 billion on its debut, signaling a potential surge in altcoin activity. This development is setting the stage for a vibrant altcoin season in 2024, particularly as Ethereum itself shows steady growth.
As further noted by Yoddha, a crypto analyst, the total market capitalization of altcoins is approaching its previous all-time high (ATH). The chart for 2024 reflects a cycle characterized by notable price movements and strategic support and resistance levels.
Initially, the market experienced a sharp decline from the ATH, creating a lower low. However, a recovery phase is underway, with significant accumulation. This indicates that the market is preparing for a potential breakout.
Key support levels are crucial in this context. The first major support is established around the $1.18 trillion market cap, acting as a strong support and launching point for the next phase of the rally.
As the market moves beyond these support zones, attention shifts to resistance levels. The first notable resistance to overcome is around $1.34 trillion, with the previous ATH resistance at approximately $1.70 trillion and $2.20 trillion. Breaking through these resistances could pave the way for further gains.
Looking ahead, the chart projects two significant upward phases. The first phase aims to revisit the ATH near $1.34 trillion market cap. Beyond this point, the market targets new highs, with projections reaching $2.20 trillion and even $3.20 trillion. This upward trajectory suggests a strong bullish trend, driven by increased market interest and robust trading volumes.
Will Altcoins Break Resistance and Trigger a 2024 Bull Market?Furthermore, Ethereum’s recent performance underscores the broader optimism in the altcoin space. Priced at $3,443.15 at press time, Ethereum has seen a modest increase of 0.13% over the past 24 hours, accompanied by a substantial trading volume of $23.35 billion.
