Yesterday, a seasoned intra-day trader known as Skew Δ (@52kskew) took to Twitter to share insights on the altcoin market. According to Skew Δ, Ethereum (ETH) has been outperforming its peers in recent weeks, with a positive price trend that shows no signs of slowing down. The trader also noted that a sustained uptick in ETH’s value could trigger a ripple effect, leading to a surge in other altcoins’ prices. As the market continues to evolve, it’s crucial to stay informed and closely monitor the latest developments.
According to the latest update from CoinMarketCap, the global cryptocurrency market has experienced a slight dip of 0.45% in the past 24 hours. This translates to an estimated $1.27 trillion for the combined crypto market cap.
In addition, the preeminent position of Bitcoin (BTC) in the cryptocurrency market has experienced a decline within the last 24 hours. Currently, BTC’s market dominance stands at around 45.70%, indicating a slight decrease of 0.41% over the past day.
In the past 24 hours, the top altcoin ETH has experienced a minor dip in price, currently trading at $2,096.34. This represents a marginal 0.20% decrease from yesterday’s value. Nevertheless, ETH has managed to outshine BTC during this period, exhibiting a 1.25% increase in value compared to the leading cryptocurrency.
The price of ETH remains confined within the daily consolidation channel, spanning from $2,014 to $2,140. The altcoin experienced a noteworthy surge of 4.93% on Thursday, followed by another impressive gain of 4.37% on Friday. This upward momentum enabled ETH to surpass the crucial $2,014 level, marking a significant milestone for the cryptocurrency.
Traders are advised to closely monitor the daily RSI indicator, which is currently signaling a bearish trend. The RSI line is trending downwards towards the oversold territory, indicating that ETH’s price may have peaked and is likely to experience a decline within the next 24-48 hours. Traders must stay vigilant and make informed decisions based on this important indicator.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
