Ethereum $4,750 made headlines today with a remarkable surge, although caution is being advised. Roman Trading, a well-known figure for issuing decline warnings, expresses concern that the hype surrounding these developments may not be entirely positive. As of the writing, Ethereum was hovering at, yet wavering to break, its all-time high at $4,838. This situation prompts the question: why are the warnings issued by analysts? Also, which altcoins have recently stood out with significant gains?
Warnings of a Cryptocurrency Decline
For an extended period, the analyst known by the pseudonym Roman Trading has been cautioning that Bitcoin $116,134 may no longer be worth the risk. Last year, using proportional analysis of Bitcoin’s cyclical rises, it was suggested that $120,000 might be a peak this cycle. At the time, Bitcoin’s price was still quite low, allowing the prediction to be based on observed proportional weakening from cycle to cycle.
Roman Trading argues that even with a potential 20-30% increase from current levels, the risk of potential loss during a future decline is too significant to ignore. In today’s commentary, Roman describes the rapid news-driven increase as a possible trap, accompanied by the following chart.
Should this forecast prove accurate, Bitcoin might retreat to $114,000. At the time of writing, Bitcoin was at the $117,000 mark. Ethereum, showing a positive divergence, could soon extend its gains by 15%. With anxiety over interest rate policies waning, a Bitcoin decline to $114,000 might not impact Ethereum and altcoins. It could even be a significant signal for an altcoin bull run.
Top Performing Altcoins
Liquidations in the past 24 hours reached $664 million, and upcoming ETF entry figures could further fuel market appetite over the weekend. Ethereum short liquidations neared $350 million, indicating significant activity. With trading volumes surpassing $230 billion, the total market cap hit $4.03 trillion.
Here are the top-performing altcoins from the last 24 hours:
- ARB
- SPX
- ETC
- ENA
- MORPHO
- AERO
- LDO
ARB and LDO are notably benefiting from the Ethereum rally. LDO’s appeal remains supported by the SEC ‘s liquid staking backing. AERO has remained a standout performer for a considerable time. Other notables include UNI and OP, while Ethereum’s surge has also favored altcoins like PEPE Coin, which posted a daily gain of 10%. PEPE’s rise could accelerate, and SOL Coin saw a double-digit increase. As previously highlighted, PUMP Token aims to reclaim the 0.0032 level.
