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Altcoins Set for Double-Digit Returns with Ethereum Price Heading to $4K
The cryptocurrency market is abuzz with excitement as Ethereum (ETH) continues to defy predictions and rally upwards. This upward momentum has led many analysts to believe that altcoins are also poised for massive gains, potentially resulting in double-digit returns.
According to Michael van de Poppe, a prominent crypto analyst, ETH’s current price action suggests that it may be on the cusp of a major breakout. Despite his initial expectations of a dip before such an event, Ethereum has continued to push higher, testing the $3,800 resistance level four times and demonstrating growing strength from buyers.
Van de Poppe’s chart indicates that even if ETH were to experience a temporary correction, the overall trend remains bullish. This sentiment is further bolstered by Ethereum’s impressive 138% increase in value since its yearly low. The presence of an inverse head-and-shoulders and a bullish pennant on the chart adds credence to this outlook.
Ethereum’s potential move towards $4,000 has significant implications for the broader cryptocurrency market. In particular, it could trigger a massive rally in altcoin prices, potentially leading to double-digit returns. The catalyst for such an event is believed to be Bitcoin’s (BTC) rally towards $120,000. Should this occur, Ethereum and its peers may experience a surge in value as investors seek out alternative investment opportunities.
Institutional interest has also played a crucial role in fuelling the bullish sentiment surrounding ETH. Data from SoSoValue reveals that Ethereum ETFs have seen inflows of over $1.39 billion, marking an unprecedented 11th consecutive week of institutional investment into the asset class.
As such, investors may be wise to take advantage of the current market conditions and allocate a portion of their portfolios towards altcoins, which are poised for significant gains in the coming weeks and months.
Source: coinpedia.org
