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Is the Altcoin Season Coming? Ethereum's 20% Surge Could Be the Spark
Ethereum (ETH) has reversed the crypto market with a surge of 20% in the last 24 hours, pushing the price up to $2,323.54 and reaching a daily high of $2,486.01 in the short-term. The Trading Volume of Ethereum also exploded, increasing by 150% to a colossal $51.56 billion. ETH Recovers Important Support Level According to data from CoinMarketCap, ETH has convincingly reclaimed the 20-day EMA at $1,869 and is currently hovering near the 50-day EMA at $1,883, both of which could act as strong support zones in the near term. This sudden bullishness has led to speculation about a broader rally in the altcoin sector.
Historically, the strong upward trend of Ethereum often occurs before the altcoin explosion. When the dominance of ETH increases and ETH/USD surpasses key resistance levels, capital usually shifts to higher-risk altcoins. This pattern was evident in both the 2017 and 2021 cycles.
Exchange Flow Paints a Short-Term Mixed Picture According to crypto analyst BorisVest, the inflow of funds into the ETH exchange ( has increased since the end of 2024, indicating rising selling pressure - a short-term bearish indicator. This reflects the period of 2022–2023, when ETH was sent to exchanges before being sold off. However, the story changes according to the flow of money out of the average exchange, steadily increasing since October 2023. This is a typical sign of accumulation by long-term holders as they withdraw ETH from exchanges, indicating deep confidence in the future of this asset. Is the Altcoin Market About to Experience a Price Surge? Zooming into the larger altcoin market, the TOTAL2 chart ) confirms this increasing optimism with a total crypto market capitalization excluding BTC (. The market capitalization has surpassed $1.16 trillion, with resistance at the Fibonacci level 1.0 around $1.23 trillion.
In addition, the main targets at Fib level 1.618 are $1.38 trillion and the extension level 2.618 is close to $1.61 trillion - both of which have historically been reliable indicators for the altcoin bull run. The relative strength index )RSI( for the altcoin sector is currently at 75.94. This figure indicates an overbought condition, which often occurs before a price pullback. However, as seen in previous bullish rallies, the RSI can remain elevated for an extended period. The MACD indicator for TOTAL2 shows a bullish crossover with increasing histogram bars. This pattern reinforces that the upward momentum of the altcoin market is still intact.