Ethereum poised to surpass alltime high leading altcoins in bullish market trend
The world of digital currencies is on the brink of a major turnaround, with Ethereum (ETH) and other alternative coins potentially reaching record highs. This shift comes in the wake of the U.S. Consumer Price Index (CPI) data for June 12, falling below expectations.
According to Michaël van de Poppe, Chief Investment Officer & Founder of MN Trading Consultancy, this could be a significant signal for alternative coins and Bitcoin (BTC). In a recent post on X, the professional trader emphasized financial data as a key indicator for this bullish trend.
Van de Poppe noted that the weakening Dollar and Treasury Yields suggest impending rate cuts in the market. This positive news from the CPI data indicates a potential decrease in inflation, which could prompt the Federal Reserve to lower interest rates.
On June 12, Van de Poppe mentioned that the bottom for alternative coins might be in sight, with various macroeconomic events such as the CPI report and the Federal Open Market Committee (FOMC) meeting influencing the market. He drew parallels to previous FOMC events where cryptocurrencies experienced significant gains post-correction.
The analyst anticipates a decline in the Dollar and Treasury Yields following the CPI data and the upcoming Producer Price Index (PPI) report, signaling the end of the correction phase for alternative coins and the crypto market.
This outlook is supported by Jelle, a well-known crypto and stock trader, who believes that alternative coins offer a unique opportunity for investors to make substantial profits, as reported by Finbold.
Van de Poppe predicts that the crypto market will shift into an upward trajectory post-correction, especially if the Ethereum ETF receives approval in the coming weeks. This could potentially lead to Ethereum reaching its all-time high during the summer.
Additionally, prominent cryptocurrency trader and on-chain analyst Ali Martinez reported a significant accumulation of Ethereum by whales during a recent price dip, indicating strong confidence in the digital asset.
As the cryptocurrency market awaits the FOMC rate decision and Federal Reserve speech, investors should monitor the performance of gold, the dollar, and treasury yields. While an altseason appears probable, it’s crucial to remember that past results are not indicative of future outcomes, and market demand plays a vital role in driving the altcoin market.
Disclaimer: The information provided in this article should not be construed as investment advice. Investing in digital currencies carries inherent risks, and individuals should exercise caution when engaging in speculative investments.
