After remaining under extreme bearish heat for over a year, the Ethereum price broke above the pivotal resistance at $3000 for the first time since April 2022. The undermining recovery has displayed the trader’s confidence in the Ethereum rally, along with the other altcoins, which have been displaying immense strength. With this, the probability of a strong bullish trend is upheld, as the altcoin market cap is on the verge of going parabolic.
Bitcoin inscribed itself as a trillion-dollar asset a few days ago, and now it’s time for the altcoins to follow the trend. The crypto market cap, excluding Bitcoin, has soared above $900 billion, inching close to the $1 trillion milestone. This is expected to occur in the next few days as the levels have breached above the descending line that has acted as a strong resistance till now.
The weekly chart displays a breakout beyond the inclined resistance, which was validated with the bullish start of the fresh weekly trade. Besides, the Bollinger bands also appear to have expanded, with the lower bands heading towards the north. This suggests a momentary shift from the bearish claws, but the DMI formation raises some concerns.
The positive and negative Di levels have repelled each other, while the ADX has reached the upper resistance, which could trigger a minor pullback soon. This could hinder the progress of the rally but until the buying pressure remains accumulated, the bulls may remain dominant. With a rise beyond key resistance at $936 billion, the altcoin market cap may achieve the crucial milestone of $1 trillion.
