The Fear and Greed Index has fallen to 61, reflecting mixed market sentiment despite recent optimism at the Bitcoin 2024 conference. Analyst Predicts Imminent Altcoin Season Could Push ETH to US$7,000
Major cryptocurrencies like Bitcoin and Ethereum recorded losses, while XRP stood out with a 7% gain.
As Ethereum celebrates its ninth birthday, its price remains below previous highs, despite recent bullish forecasts and ETF launches.
The Fear and Greed Index is teetering on the brink to neutral, dropping from 69 points last week to a mere 61 points at the time of writing. The index reflects a market sentiment that despite a bullish Bitcoin 2024 conference seems unsure about the next moves.
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Bitcoin with Losses, as XRP Gains
Meanwhile, many major crypto assets have posted losses on the 24-hour timeframe as well as over the weekly. Bitcoin and Ethereum both fell over 1% on the daily, while Solana saw a 2.5% decline – XRP stands out with a 7% gain.
The gains are likely driven by an announcement by Ripple, which is moving into crypto-friendly Brazil with a partnership with the National Federation of Associations of Central Bank Servers.
In addition, Chartered Market Technician and Head of Research at NewsBTC, Tony “The Bull” Severino, wrote on platform X, that XRP may be poised for a breakout. He compared the current situation, based on technical analysis, with the set-up of 2018. Analyst Predicts Imminent Altcoin Season Could Push ETH to US$7,000
In late 2017, moving into 2018, XRP had its brightest moment so far. The price of XRP went from US$0.2455 (AU$0.3822) on 10 December 2017 to US$3.3636 (AU$5.138) on 8 January 2018, a 13.7X return. The following bull-run XRP could not reach those all-time highs (ATH) again.
Analyst Sees Altcoin Season Surge, with US$7K ETH
Back in 2024 and we are faced with an interesting set-up. Analyst Michaël van de Poppe explains that historically the second half of the year has seen an altcoin rally after a first half of decline. The analyst urged his followers on X to prepare for a US$7,000 (AU$10,700) ETH price.
Ethereum has yet to reach a new all-time high this season, reaching US$3,980.27 (AU$6,085.64) per ETH in March 2024. Even the launch of US Spot Ethereum ETFs earlier in July could not push ETH past its ATH from November 2021 when it reached US$4,891.70 (AU$7,479.18) per coin.
As it’s Ethereum’s ninth birthday, it will be interesting to follow the ecosystem’s journey and price, and compare where ETH trades over the next few cake days – Happy Birthday ETH.
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