The crypto market has been treading in low volatility, but Ethereum could be giving Altcoins a bullish glimpse of the future. Ethereum (ETH) is attempting a breakout and a successful support/resistance (S/R) flip on its Bitcoin daily chart. This exciting movement in the leading cryptocurrency could be a positive sign for the entire altcoin market in the lead up to the Shapella upgrade, a significant Ethereum hard fork slated for April 12th.

The current move seems to be the consequence of a period of range trading brought on when Ethereum's price hit near eight-month lows of $0.062 against Bitcoin on March 21st. Moreover, prior to the price drop, Ethereum had been in an oversold state. Now, its newfound strength could be a result of a capital rotation ahead of the Shapella upgrade, which will make staked ETH withdrawals available. The Ethereum-Bitcoin (ETH/BTC) ratio on the daily chart is showing signs that the altcoin could be on its way to recover its former highs of near 0.15 BTC.

In addition to the strengthened Ethereum-Bitcoin (ETH/BTC) ratio, which signals a potentially sustained rebound for the altcoin market, a successful S/R flip of Ethereum on its Bitcoin daily chart could prove to be a dominating force in dictating Ethereum's move in the upcoming days. According to analyst Ali, evidence from the Ethereum-USD (ETH/USD) chart however paints an even more optimistic picture. On-chain data suggests that the next critical resistance for Ethereum lies somewhere between $2, 100 to $2, 150, a level where over 200k addresses have purchased more than 18 million ETH in the past.

All told, Ethereum's powerful movements against Bitcoin could be a sign of bullishness for the wider altcoin market in the weeks to come. The successful S/R flip on the ETH/BTC chart along with the Shapella upgrade could be catalysts to success while other technical developments such as the overwhelming 200k address region of Ethereum could place it in a prime position to make an even more severe jump.



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