Is Ethereum Getting Ready to Start an Altcoin Rally?

• Ethereum’s 24-hour volume increased by 30%.
• Ethereum could start the rise trend of altcoins.
• If Ethereum breaks the critical resistance level of $1860, what will be its target?

Ethereum Chart Looks Strong!

6 Hour ETH/USD Price Chart Source: TradingView

When we examine the current price chart of Ethereum, it was making an upward movement at the time of writing. Ethereum, which rose to the levels of $1812 during the writing, can continue its rise if it manages to exceed the level of $1860.

When we look at the Ethereum price chart, it may have started an upward movement to break the nearest resistance zone of $1860. If Ethereum breaks the $1860 resistance and makes 4-hour candlestick closures above it, it can continue its rise up to the levels of $1911.

If the Ethereum price makes daily candlestick closures above the level of $1911, it will want to realize the rise movement up to the levels of $2024.

When Can Altcoins Start to Rise?

If Ethereum (ETH) realizes the price movement mentioned in the analysis, significant upward movements can be seen in altcoins.

Ethereum’s 24-hour volume increased by 33% and reached the level of $7,111,486,081 at the time of writing.

At the time of writing, many altcoins were trading at significant hourly support levels. If altcoins start the rise trend from this zone together with ETH, we can see more than 20% rise movements in altcoins.

For these to happen and for altcoins to experience more than 20% rise, ETH price needs to make daily candlestick closures above the level of $1860.