The Ethereum price has given a robust breakout after forming a double bottom, suggesting a continuation of the rally to $2,000 in the near future.
Today, the cryptocurrency market as a whole is experiencing a new phase of euphoria. Altcoins have joined the Bitcoin festivity, causing the entire cryptocurrency market to increase by 7.5% and adding over $150 billion to investor holdings.
Ethereum Takes the Lead for Altcoins
As the Bitcoin price reached a new high of $23,000 for 2023, leading altcoins such as Ethereum (ETH) have gained 8%, surpassing the $1,8000 mark and anticipating the next move to $2,000.
With its most recent price movement, Ethereum’s year-to-date gains have increased to more than 50%.
The US SEC has accepted Grayscale’s application to convert its Ethereum Trust (ETHE) into a spot Ethereum ETF, which is an intriguing development.
According to the technical chart, the Ethereum price has given a breakout above $1,745 after forming a double bottom.
Other technical indicators also suggest that the rally will continue in the future.
Meanwhile, if traders maintain their open buy orders, a potential 12.25% breakout to $1,958 may occur.
Once the breakout occurs, trading volume will likely increase as traders seek new opportunities with Ether trading above the neckline resistance.
The current level of the Relative Strength Index (RSI) at 75 indicates that Ethereum’s price is poised to continue its uptrend.
However, investors must exercise caution, as overbought conditions may entice traders to take profits or safeguard their holdings.
The money flow index (MFI) indicates that the bulls hold the upper hand.
This metric monitors the inflow and outflow of capital into and out of the market, with a consistent increase indicating buyer dominance in an uptrend.
For Ethereum supporters, surpassing the $2,000 threshold could be a significant turning point.
It may serve as the catalyst that ignites the next bull run.
Big Moves: Cardano (ADA) and Dogecoin (DOGE)
Dogecoin and Cardano, two of the top ten cryptocurrencies, have followed a similar trajectory to Ethereum, acquiring 8% each.
Both BNB Coin and Ripple XRP have increased by 4%.
In contrast, Solana, which has been the top performer, has remained relatively unchanged and appears to be entering a consolidation phase after registering 30% weekly gains.
