Overnight, Tether minted an additional 2 billion USDT on Ethereum, providing ample liquidity to the market. The price of Bitcoin has also reached $89,530, continuously setting new historical highs. Currently, Bitcoin's market capitalization has surpassed that of silver, becoming the eighth largest asset in the world, with a market cap of $1.741 trillion.
The catalyst for the peak bull market has been ignited, and Bitcoin's gains are far ahead among mainstream coins. However, most investors in the market still hold a large number of altcoins, some of which are still in a loss position after buying at high points. Therefore, the timing of when altcoins will explode is a question of great concern for everyone.
It is important to note that in this bull market, Ethereum's performance has consistently lagged behind Bitcoin. From the exchange rate of Ethereum to Bitcoin, since the peak of the last bull market, the exchange rate of Ethereum has been on a downward trend. Since the beginning of last year's bull market, the weekly exchange rate of Ethereum has remained below the weekly 30MA and has shown a continuous downward trend, which is one of the reasons why Ethereum is far from its previous high in this bull market.
But
From the chart, we can see that Ethereum's exchange rate stabilized above the 5 and 10 MA on the weekly level last week. Moreover, the bottom position of the moving averages is exactly at the 23.6% level during the rising phase of Ethereum's exchange rate in the last bull market. Currently, indicators show that Ethereum is in a weak upward trend relative to Bitcoin. This week, due to Bitcoin's continuous breakthroughs of historical highs, Ethereum's exchange rate has not yet risen above the weekly 5 and 10 MA. However, last week, Ethereum confirmed a weekly reversal. Therefore, whether Ethereum's exchange rate can stabilize above 0.039 this week is particularly crucial.
If Ethereum's exchange rate stabilizes above 0.039 this week, then the bottom of altcoins last week may be the starting point for this round of altcoin rally. Generally, it takes about 3 to 5 months for most altcoins in the market to reach their peaks, so there is still an opportunity in the market at this stage.
Recently, the MEME sector has been continuously hot, but the AI sector's coins have also started to stir. The ACT listed on Binance yesterday brought a lot of traffic to the AI sector.
Doing
As the leading coin in the AI sector, FET has been performing very poorly since the merger of the three coins. However, since last week, driven by the market, FET's price has stabilized above the weekly 30MA after about 5 months, showing a bullish trend on the medium-term level. FET is also one of the dark horses in this bull market. Currently, from the weekly level, FET has significant selling pressure around $2.7. However, at the current price, as long as FET can stabilize above $1.5 this week, there is still about a 60% increase when the price reaches around $2.7.
That's all for today. If you have any questions, feel free to leave a comment~
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