After a quiet June, the crypto market is showing fresh signs of life Altcoin season. Top cryptocurrencies, including SEI, SUI, Ethereum, and XRP Price, are making notable moves.
According to analysts, this altcoin rally might be led by solid Layer-1 blockchains, marking a shift away from the memecoin-driven hype.
Ethereum Price Breaks Out with Bullish Signals
Ethereum price today is leading the altcoin revival, surging 9% to cross $3,330. The breakout above the critical $2,800 resistance level was spotlighted by analyst Michaël van de Poppe, who views it as a strong signal of returning altcoin strength, with Ethereum at the forefront.
Currently, ETH is just 9.7% away from breaking out of a massive 4-year-long accumulation triangle, a technical formation that could trigger a parabolic rally.
Adding fuel to the bullish momentum, SharpLink Gaming, a publicly traded company, recently purchased 9,424.69 ETH worth $32 million, highlighting growing institutional interest in Ethereum over Bitcoin.
A potential cup-and-handle formation is also appearing on ETH charts, similar to one seen in late 2023 that preceded a 100% price surge. If Ethereum breaks the $3,100 neckline, analyst cryptosBatman expects a rise toward the $3,800 to $4,000 zone.
Whales and ETH ETF Shifts Add More Fuel
Supporting the bullish case is unusual whale behavior. A major short position with 18x leverage is currently sitting on a $3.5 million loss. If ETH pushes above $3,500, it could trigger a short squeeze liquidation, adding more fuel to the breakout.
Meanwhile, institutional attention is growing as Ethereum slowly chips away at Bitcoin’s long-held ETF dominance, attracting serious investor interest.
XRP Price Rallies on Legal Hopes and Whale Moves
XRP is also seeing renewed momentum, climbing over 7% in the last 24 hours. Analysts say this could be linked to the broader altcoin shift and growing speculation around the final resolution of Ripple’s legal battle with the SEC.
Although no official ruling has come in yet, investors are hopeful that a settlement or final clarity will open the door for U.S. exchange relistings and institutional adoption.
Adding to the optimism, on-chain data shows a spike in large XRP transactions, a sign that whales may be repositioning ahead of a major move.
BTC Dominance Wanes, Paving the Way for Ethereum and XRP Price Surge
Bitcoin’s breakout above $111,000 to $120,000 echoes previous cycles where altcoins followed shortly after. Analysts point to past bull runs, like in 2017 and 2020, where BTC’s gains paved the way for Ethereum and XRP rallies. With BTC dominance showing early signs of decline, history may be repeating as altcoins prepare for their next big move.
Overall, if ETH breaks $3,500 resistance level and XRP keeps rising, a bigger rally could follow, but traders should still watch for solid volume and confirmation before going all in.
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FAQs
Ethereum price surged over 9% today, breaking above a critical resistance of $2,800. Analysts believe this breakout signals the return of altcoin strength, backed by bullish technical patterns and institutional buying like SharpLink Gaming’s $32 million ETH purchase.
Analysts say yes. Altcoin season might be beginning as BTC dominance weakens and Layer-1s like Ethereum, SEI, SUI, and XRP show strong price action. A shift from memecoins to utility-driven projects is fueling this rally.
On-chain data shows large ETH and XRP transactions, suggesting that whales are repositioning ahead of a major move. One ETH short whale is sitting on a $3.5M loss, which could trigger a squeeze.
Ethereum is slowly chipping away at Bitcoin’s ETF dominance. The growing ETH spot ETF demand highlights increasing institutional interest beyond Bitcoin.
SEI, SUI, and Ethereum are currently leading the charge among Layer-1 blockchains, shifting attention away from memecoins to scalable, infrastructure-level projects.
XRP has jumped more than 7% in the last 24 hours. The surge is likely due to optimism over the potential resolution of Ripple’s lawsuit with the SEC, increased whale transactions, and the overall strength of the altcoin market.
