- Ethereum has declined over 30% in 60 days but is consolidating within a symmetrical triangle pattern, with analysts expecting a massive breakout targeting at least $6,000.
- TOTAL3 (altcoin market cap excluding BTC & ETH) has formed a bullish Cup & Handle pattern with a successful key level retest, suggesting a strong upside move could be imminent.
- Major altcoins have struggled since November due to rising BTC dominance, DeepSeek launch impact, and tariff-related uncertainty from Trump policies.
- Large whale and institutional accumulation by BlackRock and Trump's World Liberty Financial indicates growing confidence that could fuel a strong altcoin recovery.
Date: Fri, February 7, 2025 | 06:06 AM GMT
In the cryptocurrency market, major altcoins have been struggling to hold their ground since the November rally. Many altcoins have undergone a steep correction, largely influenced by the rapid rise in BTC dominance and recent events like the DeepSeek launch. Additionally, tariff-related uncertainty caused by Donald Trump has added further bearish pressure.
Adding to this, Ethereum (ETH) has shown sluggish performance, still unable to find strong upside momentum. ETH has declined by over 30% in the last 60 days, which has heavily impacted the altcoin market and raised concerns among investors about the anticipated altcoin rally.
However, recent analysis by top crypto analysts suggests that despite the current downtrend, promising signs are emerging.
Ethereum (ETH) Analysis
According to a recent analysis by prominent crypto analyst @MikybullCrypto, ETH is consolidating within a symmetrical triangle pattern on the macro chart. The recent price drop started from the upper resistance of the triangle at point D, bringing ETH down to test support at point E, where it marked a low of $2,150. Since then, the price has recovered and is currently consolidating around $2,700.
The analyst expects a massive breakout to occur soon, targeting at least $6,000. The probability of this breakout is high given that it aligns with previous macro chart movements. If ETH successfully breaks above resistance, it could act as a major catalyst for an altcoin rally.
TOTAL3 Analysis (Altcoin Market Cap Excluding BTC & ETH)
The latest analysis of TOTAL3 by analyst Titan of Crypto highlights a significant Cup & Handle pattern formation. This pattern is typically a bullish continuation signal, and the recent key level retest has been completed successfully.
The analyst suggests that most traders are unprepared for what’s next, implying that a strong move to the upside could be imminent.
What’s Next?
The technical setups for both ETH and TOTAL3 hint at a bullish outlook in the larger picture. While the market is currently experiencing short-term corrections and consolidations, this could be the preparation phase for another major altcoin rally, similar to the one witnessed in November.
Additionally, large whale and institutional accumulation by entities such as BlackRock and Trump’s World Liberty Financial further strengthens the positive outlook for altcoins. These institutional investments indicate growing confidence in the altcoin market, potentially fueling a strong recovery in the coming months.
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