Bitcoin’s price recently hit $118,000, sparking notable shifts in some altcoins. Dogecoin reclaimed $0.24, and while Solana showed an upward movement, the anticipated ETF excitement hasn’t fully manifested in the charts. Two different analysts provided current market evaluations for Ethereum, revealing crucial details for the future of altcoins.
Ethereum’s Current Market Performance
Ether started the week strongly with ETF entry and surged past $4,300 today as ADP data combined with PCE strengthened rate cut expectations. While preliminary data signaled recovery in employment, ADP confirmed challenges in the labor market.
Attention was drawn to potential recovery in the ETHBTC pair this week, echoed by analyst DaanCrypto.
“ETH recorded a 150% increase from its lows against BTC, but has remained stagnant for the past 40 days, reflecting evident weakness in the altcoin market. While most altcoins gave back previous months’ gains, market sentiment rapidly deteriorates.
We all want altcoins to perform well, yet BTC reabsorbing some bids and liquidity is beneficial as it tries to break out from the current stagnation/consolidation period.
ETH/BTC barely attracts any interest here, and I would like to see it rise above 0.041 or retest 0.032 levels. Whatever ETH does, it will still indicate altcoins’ overall strength against BTC and the BTC Dominance trend. Therefore, continue to monitor this pair occasionally.”
Bitcoin’s Recent Movements
Since the important level is maintained, there is no need to panic with altcoins. Moreover, ETH saw over $400 million in net ETF entries yesterday, which suggests professional investors remain confident about the rise.
Moustache shared the above Ether chart, highlighting the evident rising structure and stated that the upcoming weeks will be thrilling.
BTC, closing above $117,500, needs to maintain $118,000, and if a decline occurs, $112,500 will be a crucial support point. Historically, October is a bullish period, and the only concern was potential disruptions in rate cuts, which is now off the table. Without escalating tensions with Russia, the expected scenario for October is more significant peaks. Ali Martinez highlighted the selling pressure at $117,000, noting that closures above this level are positive.
If BTC continues to close above $117,000, it will be favorable.