- Ethereum has fallen by more than 3% in the past 24 hours.
- Technical indicators looked bearish for ETH, SOL and BNB.
If Ethereum [ETH] ETFs are being approved and several are speculating that the market will turn bullish. Taking into account the latest data, the possibility of altcoins starting a rally seems likely. But will top cryptos like ETH, BNBAnd Solana [SOL] lead this rally?
Are Altcoins Putting on a Show?
Milkybull, a popular crypto analyst, recently posted tweet to draw attention to an interesting development. According to the tweet, altcoins were gearing up for an explosive move.
The analysis highlighted a market out-box, and how a breakout of altcoins’ market cap above that level would trigger a massive bull rally.
Apart from this, Nansen’s recent tweet also reported a bullish development. The total market cap of stablecoins recently passed $160 billion, meaning new money was entering the space, which was bullish.
However, things on the ground looked very different, as most of the top alts were under the influence of bears. According to CoinMarketCapETH has fallen by more than 3% in the last 24 hours.
SOL and BNB also suffered a similar fate as their values fell by over 6% and 4% respectively.
It was interesting to note that despite the recent bearish price trend, the weighted sentiment of all these tokens entered the positive zone. This meant that investors were bullish on them.
Source: Santiment
Ethereum is underperforming
The hype surrounding the adoption of ETFs created excitement as several investors expected ETH to remain bullish. But the weekly rally ended and at the time of writing the stock was trading at $3,666, with a market cap of over $440 billion.
AMBCrypto’s look at CryptoQuat facts revealed that both the Relative Strength Index (RSI) and stochastic ETH were in overbought positions, which was a bearish signal.
However, the trend could change as buying pressure remains high. This was evident from the decline in ETH’s foreign exchange reserve.
Source: CryptoQuant
AMBCrypto then checked its daily chart to better understand if bulls would enter the market soon, allowing ETH to lead the altcoin rally.
We found ETH testing its resistance around $3.7k. The Money Flow Index (MFI) gave hope for a price increase and moved north. But the Chaikin Money Flow (CMF) recorded a downturn, indicating a continued decline in prices.
Source: TradingView
How are SOL and BNB doing?
Like ETH, SOL and BNB prices have also fallen over the past 24 hours. At the time of writing, SOL was valued at $166.6, while BNB was trading at $590.
A look at their derivatives metrics indicated a trend reversal. This seemed to be the case as their overt interests declined along with their prices.
Source: Santiment
To better understand what to expect from these top altcoins, AMBCrypto then reviewed their price charts. b
Starting with SOL, the CMF also moved southward. Moreover, the RSI also followed a similar trend, indicating that bears would continue to dominate the market.
Source: TradingView
Is your portfolio green? look at the ETH profit calculator
BNB’s technical indicators also indicated a bearish view. For example, both the CMF and the RSI remained low.
Considering all these aforementioned data sets, investors may have to wait a little longer to witness the rally of altcoins.
Source: TradingView