Altcoin Market at a Crossroads as ETH BTC Holds Key Support and TOTAL3 Eyes Breakout

• ETH/BTC trades are near their critical support, with strong accumulation hinting at a potential trend reversal.
• TOTAL3 signals a bullish continuation, with market structure aligning for a potential breakout to new highs.
• A breakout above key resistance levels could ignite an explosive altcoin rally, defining the next crypto cycle phase.

With Ethereum and the larger cryptocurrency industry exhibiting indications of a possible change, the altcoin market is at a turning point. While TOTAL3 points to a potential breakout, ETH/BTC is currently trading close to a crucial level. These developments could define the next phase of the crypto market cycle.

ETH/BTC at a Key Turning Point

The way Ethereum performs in comparison to Bitcoin is still a key metric for assessing the strength of altcoins. On a two-month timescale, the ETH/BTC pair is hovering close to its Point of Control (POC). This level represents the price where the highest volume has been traded, acting as a major support zone.

Source: Titan of crypto

The price action has followed a downward trend since 2022 but recently rebounded after testing the POC. Strong accumulation at this level hints at a possible shift. Additionally, the momentum oscillator shows oversold conditions, indicating selling pressure exhaustion. If a bullish crossover occurs, Ethereum could gain momentum against Bitcoin.

However, the overall trend remains bearish, with ETH/BTC still trading below key resistance zones. The next move depends on whether the price holds above the POC. A sustained breakout could signal Ethereums resurgence, while a rejection might lead to further declines.

TOTAL3 Market Cap Suggests Bullish Continuation

The total market capitalization of altcoins (TOTAL3), is in a bullish consolidation phase. A historical accumulation occurred between mid-2022 and late 2023, followed by a breakout. This breakout led to a strong uptrend, forming a re-accumulation phase before another leg higher.

The market has seen two upward movements, labeled “Round 1” and “Round 2.” The first push brought the market cap near previous highs, while the second suggested a potential breakout. If this breakout occurs, the market could enter an explosive bullish phase.

Source: Crypto Yoddha

Key price milestones are marked at $358.52 billion, $1.03 trillion, and a projected high of $1.3 to $1.7 trillion. The market structure aligns with cyclical patterns, reinforcing bullish sentiment. Sustained growth could push altcoins to new highs in the coming months.