The cryptocurrency market has surpassed the $2.1 trillion mark, with Bitcoin leading the surge and altcoins like Ethereum (ETH), Shiba, and AVAX following closely. Investors of altcoins are optimistic about significant gains should Bitcoin stabilize at higher levels, signaling a robust period for digital currencies.
Ethereum Poised for Growth
ETH, the second-largest cryptocurrency by market cap, shows promise of achieving new price records according to weekly charts. Analysts believe that if Ethereum maintains its value above $3,200, it could target a climb to $3,577 and possibly beyond to reach new all-time highs. A firm stance above $3,577 could set Ethereum on a path to even greater milestones, despite potential price corrections in between. It faces resistance yet at $4,116 and $4,511 levels. However, its performance against Bitcoin is a slight concern, as it needs to consistently outperform Bitcoin to ignite a solid bull run.
Shiba Inu Makes Notable Gains
Shiba Inu, another prominent altcoin, has experienced a double-digit percentage increase. It has recently spiked by 10.7%, catching the attention of investors eager to capitalize on its ascending trajectory. Shiba Inu’s growth comes as other altcoins like SOL see a slowdown, providing a window of opportunity for Shiba to advance further.
Investors are keeping a close watch on Shiba Inu’s ability to sustain above $0.00001051, which could establish a firm support level. If Shiba Inu manages to secure this support, it might aim for the $0.00001142 resistance within its current trading channel. A successful closure above this resistance could signal the onset of new highs for the meme coin.
AVAX Struggles to Keep Up
While AVAX has achieved higher peaks recently, the coin appears to have taken a back seat, stalling below the anticipated $40 threshold. A close above $40.8 could open the floodgates for a potential rally towards the $44 mark. AVAX may be lying low for now, but if Bitcoin maintains its current price level, AVAX could gear up for another shot at $50.