The expected rally in Bitcoin and altcoins never came. While BTC was moving in a narrow range, spot Ethereum ETFs opened for trading yesterday.
While market analysts generally expect a sell event in Ethereum and the price to fall, Capo of Crypto, who is known for his bearish views and is frequently criticized by investors with his bearish comments, shared his expectations for Ethereum and the altcoin market.
Il Capo, who first analyzed Ethereum, argued that ETH is ready to reach the new ATH. At this point, the analyst drew attention to the ETH chart and stated that ETH was in the consolidation phase before a new ATH.
“Spot Ethereum ETFs have finally been approved and started trading.
The first day saw total volume of $1 Billion, 23% of what spot BTC ETFs did on their first day, and a net inflow of $106.7 million.
“The Ethereum chart looks like a new pre-ATH consolidation.”
Altcoin Rally May Be Near!
Il Capo, who also examined the altcoin market after Ethereum, stated that the current situation in altcoins is similar to 2020.
Stating that the current outlook at this point is very similar to the situation just before the start of the altcoin rally in December 2020, the analyst hinted that if history repeats itself, the altcoin rally may be close.
“I would say that the current situation in altcoins is very similar to the situation at the end of December 2020, just before the start of the altseason.”
*This is not investment advice.