The broader crypto market cap, valued at $2.94 trillion entering May, skyrocketed to $3.3 trillion on May 10th, with Bitcoin (BTC) hitting $104,000 and Ethereum (ETH) soaring over 20%.
As Ethereum continues to lead the rally, could the momentum potentially propel ETH to a new all time high?
Ethereum Surges Above $2.3K Fueled by Increased Whale Activity
Although Ethereum’s current price is a far cry from its ATH of $4,891 that the leading altcoin saw in 2021, this week’s surge has underscored its potential for rapid growth.
Jumping from $1,828 on May 3rd to $2,394 seven days later, ETH is showing strong signs of a major breakout, with technical and fundamental indicators fueling the bullish sentiment.
The Ethereum network has seen several recent upgrades, such as the Pectra upgrade, which improves overall efficiency and security. Meanwhile, a rapidly increasing inflow into staking pools and ongoing token burns are tightening ETH’s supply and supporting price stability.
Amid the positive developments, whale activity is also increasing, with Lookonchain reporting that a wallet that’s likely tied to President Trump’s World Liberty bought $3.5 million worth of ETH on May 9th.
Since May 8th, ETH also saw a $297 million investment from Abraxas Capital, with the institution withdrawing $92 million worth of ETH from Binance and Kraken the day before it pushed past $2,300.
Lookonchain has also spotted that a whale who previously sold ETH at a loss started accumulating the token again, purchasing 9,023 ETH, valued at $20.55 million at the time on May 10th.
As whales and institutions show increasing interest in ETH, many experts are confident the leading altcoin is on its way to a new ATH this year, with Andrew Crypto expecting it to reach $7,000.
However, the expert believes a slight pullback will follow the sudden rally, expecting ETH to test its support at the $2,000 level before surging past $3,000.
ETH’s current Relative Strength Index (RSI) of 81.23 places the token in overbought territory, meaning the potential pullback can be seen as a healthy correction that would create room for additional growth.
Although slightly less bullish, technical analyst Stasher believes ETH’s major breakout target is in the $5,800 range instead, identifying it as ETH’s harmonic chart pattern’s final leg.
However, as confidence in ETH’s potential to achieve 2 or 3x gains grows, investors looking for larger gains are turning to tokens that could capitalize on the market-wide rally and provide better returns.
Low Cap Cryptos Could Net Bigger Gains as Expert Highlights BTCBULL’s 10X Potential
As Ethereum demonstrates strength, several altcoins in its ecosystem seem primed for a surge, including Celer Network (CELR) and Omni Network (OMNI), as they play crucial roles in Ethereum’s growth and could benefit from ETH’s rise in value as the network’s scaling solutions.
On the other hand, crypto expert PaoloG points to Ethereum competitor Alephium’s (ALPH) current price of $0.46 as an ideal buying zone, expecting it to reach $3.6 by the end of 2025.
Since Ethereum’s rally often mirrors Bitcoin’s performance, BTC Bull Token is also emerging as an attractive investment amid the leading cryptocurrency’s rally.
Designed to reward its holders with BTC and BTCBULL airdrops, and adopting a deflationary model that will see 15% of its supply removed from circulation as Bitcoin grows, BTCBULL offers holders indirect exposure to Bitcoin, which could boost their gains during the bull run.
According to the project’s roadmap, the two BTC airdrops are scheduled for when BTC reaches $150,000 and $200,000, while 10% of the total BTCBULL supply will be distributed to holders to celebrate Bitcoin’s rise to $250,000.
Expecting Bitcoin to reach a new ATH this summer, presale expert Crypto ZEUS believes BTCBULL is preparing to launch at an ideal time to capitalize on BTC’s performance.
The expert encourages his followers to add BTCBULL to their portfolios while it sells at a discount, as its current price of $0.002505 will only rise during the presale.
This article is for informational purposes only and does not provide financial advice. Cryptocurrencies are highly volatile, and the market can be unpredictable. Always perform thorough research before making any cryptocurrency-related decisions.
