Ethereum Watch

• ETH’s price moved marginally in the last 24 hours. 
• PEPE, DOGE, and SHIB performed well over the last week. 

As the market turned bullish, several altcoins displayed impressive performances. However, the latest dataset hinted at a further bull rally for altcoins.

Considering the recent buzz around AI tokens and meme coins, will they be the start of the upcoming show? 

Altcoins to start a rally

Moustache, a popular crypto analyst, recently posted a tweet regarding an interesting development. As per the tweet, altcoins haven’t even broken the November 2021 highs yet, suggesting a further rally.

The coins were in a consolidation phase at the time of the tweet, which can soon trigger an upward price rally.

A similar occurrence happened in 2013, after which the altcoin market cap reached an ATH in 2017.

If history repeats itself, then alts might soon showcase bull momentum, allowing them to reach a new ATH in the coming months or years. 

How is the king of altcoins doing?

All eyes go on Ethereum [ETH] when an altcoin rally is concerned, as it has the most potential to initiate a rally.

According to CoinMarketCap, ETH’s price was up by over 16% last week. However, its value only moved marginally in the last 24 hours. At press time, it was trading at $3,949.87.

Most metrics turned bearish as well, as ETH’s Relative Strength Index (RSI) and stochastic were in overbought zones at press time. 

Quite a few other metrics also looked bearish on the altcoin. AMBCrypto’s analysis of CryptoQuant’s data revealed that ETH’s exchange reserve was increasing, indicating high selling pressure.

Both Ethereum’s Korea Premium and Funds Premium were also in the red. This meant that selling sentiment was dominant among funds and Korean investors. 

A look at meme coins

Unlike Ethereum, meme coins’ rally was more prominent last week, as most coins registered double-digit growth. Notably, PEPE’s value surged by nearly 130%.

To see what caused that surge, AMBCrypto checked the meme coin’s daily chart. We found that the MACD remained in the bulls’ favor over the last week.

Both its Chaikin Money Flow (CMF) and Relative Strength Index (RSI) also remained high last week, allowing PEPE to showcase that impressive performance. 

Dogecoin [DOGE] and Shiba Inu [SHIB] also performed well over the last week, as their values surged by 33% and 72%, respectively.

It was interesting to note that despite the price uptick, DOGE’s market sentiment remained bearish, as evident from the dip in its Weighted Sentiment. However, SHIB remained in the positive zone.

The price actions of all the aforementioned meme coins remained dormant in the last 24 hours, suggesting they also might be able to kick-start a bull rally in the near term. 

All eyes on AI?

Similar to meme coins, AI tokens also had a similar fate. This might be due to the overall market condition or because the altcoins were in a consolidation phase.

Worldcoin [WLD], which recently made headlines because of its massive price hike, witnessed a 5.11% price drop in the last 24 hours alone.

At the time of writing, WLD was trading at $10.01 with a market cap of over $1.48 billion.

However, bullish sentiment around the AI token has improved in the last few days. Its social volume also spiked, reflecting its popularity in the crypto space. 

To better understand whether things can change for the AI token in the coming days, we then took a look at its daily chart. Our analysis revealed that WLD’s price touched the upper limit of the Bollinger bands.

Whenever that happens, it indicates that a price correction is on the way.

Its Relative Strength Index (RSI) also registered a downtick, meaning that investors were selling. The token’s Chaikin Money Flow (CMF) followed a similar declining trend, further indicating a price drop.

Nonetheless, the MACD remained bullish. 

Apart from WLD, another popular AI token is Fetch.ai [FET]. Unfortunately, things for FET also looked similar. According to CoinMarketCap, FET was down by more than 7% in the last 24 hours.

At the time of writing, it was trading at $2.83 with a market cap of over $2.36 billion.

FET’s daily chart also looked similar to that of WLD, as the former’s price touched the higher band of the Bollinger Bands. Both its RSI and CMF also registered downticks.

Read Ethereum’s [ETH] Price Prediction 2024-25

The Bitcoin question

While the performance of the top altcoins plays the majority of the role in initiating a bull rally, the part of Bitcoin [BTC] also can’t be ruled out. BTC, being the largest crypto, influences the entire market.

Recently, BTC was inciting towards the $70k mark, giving investors hope for a fresh rally. Therefore, it will be difficult for altcoins to challenge BTC’s bull rally, considering its sheer dominance.

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