Bitcoin Halving Readies Ethereum, XRP, and Litecoin for Bullish Breakout

Bitcoin recorded its highest daily sentiment score since 2017. Now, it looks like this bullish sentiment is spilling over into Ethereum, XRP, and Litecoin.

  • Ethereum must hold above $200 to continue its upward momentum, which may take it to $240 or even $270.

  • Meanwhile, large investors behind XRP have been accumulating heavily since mid-March, signaling further gains ahead.

  • Along the same lines, a significant number of idled Litecoin tokens were recently moved, which in the past has led to higher prices.

Bitcoin sentiment is at its highest on record since 2017 following the halving. Positive sentiment is spilling over into Etheruem, XRP, and Litecoin as indicators show that these altcoins are ready for a bullish breakout.

Ethereum Remains Bullish Above $200

Some of the most prominent analysts in the industry have discussed the probability of a steep correction that could see Ethereum plummet to $150. However, the smart contract giant continues to hold in an ascending parallel channel that developed on its daily chart during the March market meltdown. Since then, each time ETH rises to the upper boundary of this channel, it retraces down to hit the lower boundary, and from this point, it bounces back up again. This behavior is consistent with the characteristics of a channel. The market-wide correction before Bitcoin’s halving sent Ethereum to the bottom of the channel. This support barrier prevented a steeper decline and allowed ETH to rebound. Now, if price history over the last three months proves accurate, Ether should rise towards the middle or upper boundary of the channel. Read More...