In spite of the fact that 2022 finished on a depressing note and economic headwinds gave little hope for a comeback in 2023, the beginning of a new year has astonished bears with tiny and big spikes in altcoin prices.
Even at the time, this article was being written, statistics from CoinGecko showed that virtually all alternative cryptocurrencies, including Ether, are in the green on both the 24-hour chart and the seven-day chart. Are the values of the tokens about to see a sharp increase in the near future?
Analyst Thinks Altcoins Will See a Huge Spike Soon
According to TechDev, a well-known pseudonymous technical analyst, the cryptocurrency market as a whole, including Ethereum (ETH), is about to make an unexpectedly large move to the upside on a macro scale.
Savo studijoje naujienlaiškis dated December 27, the analyst presented a chart that purports to indicate the altcoin market cap, as well as Litecoin (LTC) in its Bitcoin (BTC) pair (LTC/BTC), building bullish structures at the same time as the US dollar index (DXY) and Bitcoin domination exhibit signs of weakness. See chart below:
TechDev added:
“All 4 of these points together continue to suggest a broader market setup much closer to late 2016/early 2017 than any other prior position. It’s just taking 1.5-2x longer to develop, as has the rest of the structure thus far.”
Furthermore, on his Twitter page, the analyst has said Ethereum is doing well in comparison to Bitcoin, which is more evidence of an approaching optimistic chapter for other cryptocurrencies. He provides a chart of the ETH/BTC exchange rate with three-week candles that shows the relative strength index (RSI) possibly breaking out of a downward trend.
Source: https://coinpedia.org/altcoin/ethereum-and-major-altcoins-are-set-to-for-massive-rally-heres-what-to-expect/