Crypto Analyst Says Ethereum (ETH) and Altcoins About to Catch Traders Off-guard in Massive Move

A closely followed technical analyst says Ethereum (ETH) and the broader altcoin markets are poised for an unexpected macro upward move.

The pseudonymous analyst known as TechDev tells his 403,000 Twitter followers that several metrics suggest that the cryptocurrency markets have bottomed out and are setting the stage for the next run-up.

TechDev shares a chart that appears to show the altcoin’s market cap, plus Litecoin (LTC) in its Bitcoin (BTC) pair (LTC/BTC) forming bullish structures while the US Dollar Index (DXY) and the dominance of Bitcoin show weakness at the same time.

“Altcoin cap, DXY, BTC dominance and LTCBTC offer clues to the broader position of the market cycle.”

Source: TechDev

The prominent analyst also claims that Ethereum is showing strength against Bitcoin, further hinting at a bullish chapter to come for altcoins. Shares an ETH/BTC three-week candlestick chart that appears to show the Relative Strength Index (RSI) likely to break out of a downtrend

“ETH/BTC 3W

Bullish altcoin macro chart.

Image
Source: TechDev/Twitter

TechDev says there is a potential decline in the dominance of Tether (USDT). USDT dominance is often inversely correlated with crypto market moves as traders can sell their stablecoins for riskier crypto assets during bull runs and buy them back during bear markets.

According to the analyst, the stablecoin’s dominance is “on a precipice,” suggesting that the cryptocurrency market capitalization could see an influx of buying pressure.

“Things are coming.”

Image
Source: TechDev/Twitter

He says the analyst,

“In my view, there is a strong possibility that the majority are about to be blindsided by this upcoming altcoin move.”

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