The market leader, Bitcoin, recorded a high of approximately 64K for a short period last night, following which the BTC price recorded a significant correction of over 7% in valuation.
On the other hand, the leader in altcoins, Ethereum price, continues to trade positively, indicating a massive bullpower in the cryptocurrency market. Further, the ETH price is currently only 29.11% away from its new ATH, highlighting a high possibility of massive price volatility in the coming time.
This Is When The ETH Price May Hit A New ATH!
The Ethereum price has added 6.52% within 24 hours and 53.18% over the past 29 days, making it a positive month for ETH. Further, the ETH price successfully breached the $3,600 mark during the early trading hours today, indicating a strong bullish influence for the leader of altcoins in the crypto industry.
The technical indicator, MACD, displays a constant green histogram, indicating a massive ongoing buying-over-selling pressure in the crypto industry. Moreover, the averages show a significant rise in the chart, highlighting a positive price action for the altcoin in the coming time.
Considering the current market sentiments, the ETH price is predicted to test its upper resistance level of $3,800 by the upcoming week. However, in case of a trend reversal, the price may test its support level of $3,200.
Impact Of This On Altcoins!
With the rising market volatility and the possibility of the Ethereum price achieving new high, top tokens on the ERC-20 chain have begun to display significant price action in their respective portfolios. The ETH price hitting a new high will impact the altcoin sector on a huge scale as many tokens are built and run on this chain.
Top tokens such as Chainlink (LINK), Uniswap (UNI), Decentraland (MANA), Shiba Inu (SHIB), and Lido Dao (LDO) have recorded significant price action over the past week and is expected to experience the same in the coming week.
Read More: Ethereum (ETH) Price To Surge More Than 30% in March With Altcoins Seeing 5x-10x Rally!
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