Cryptos are rebounding in April, led by Ethereum.
ETHUSDT is up 33% in nine days and carved an all-time high moments ago.
It’s starting to look like Bitcoin may take a backseat in April to let altcoins like Ethereum take the driver’s seat.
In today’s newsletter, we’ll discuss potential short-term targets for markets and dive into the ETHBTC breakout that’s shaping up.
Let’s get it!
Bitcoin bounced from $50,000 last week, which is relatively close to the $47,000 support area I mentioned in the previous newsletter.
To be clear, $42,000 was always the lower boundary for the correction, not a target.
BTCUSDT has churned higher in the last few days but remains below its all-time high, near $61,800.
However, that may be about to change.
If BTCUSDT can get above $60,000, we’ll likely see a sprint to $61,800.
Above that is the $65,000 resistance area.
Key support is just below $59,000.
ETHBTC is signaling the start of another rally.
I pointed this out a few days ago on Twitter.
The pair is coming off a key trend line support from the 2017 high.
So far, it’s up a respectable 10% since I pointed this out.
The weekly structure going back to 2019 hints at a move toward 0.045 to 0.06 over the coming weeks.
That would put ETH between $2,600 and $3,500 at today’s USD price per BTC.
But the more telling clue from this ETHBTC strength is that alt season may be upon us.
That means cryptos like ETH, VET, etc., could be about to outperform Bitcoin in a big way.
Ethereum has stolen the show lately.
ETHUSDT is up 33% in nine days and doesn’t show signs of stopping.
This move is long overdue, in my opinion.
Despite being up a staggering 1,400% from one year ago, ETHUSDT has underperformed most altcoins in recent months.
Then again, seeing the largest altcoin by market cap act a little more stable than others is what we want from a maturing market.
I managed to catch the breakout from $1,830, which was just before ETHUSDT cracked $1,870.
That was the trigger for the breakout that I mentioned several times on Twitter.
As long as ETHUSDT stays above $1,840, I like Ethereum higher.
There’s even a more immediate support level near $1,950.
My target for April is $2,500, but as I mentioned a few days ago, don’t be surprised if we see ETH rally toward $3,000 in the coming weeks.
VETUSDT is trying to break out from a symmetrical triangle today.
While I don’t like Friday/weekend breakouts due to the lack of volume, it’s still a bullish development for VET.
Even if the market struggles to break the 10 cent resistance area for a few days, the recent higher lows are constructive.
If VETUSDT can hold above $0.09, the market should continue to pressure $0.10 resistance.
Above 10 cents is a “true” blue sky breakout.
Even VEN never made it above 10 cents when using the post-conversion pricing, which means everyone is in profit above that level.
I think we see VETUSDT accelerate following a daily close above $0.10.
Until then, I’d be okay seeing some consolidation below resistance at least until next week.
Chainlink broke out from a symmetrical triangle against the USD on Thursday.
Right now, that area comes in at $29.
As long as LINKUSDT holds above $29 on a daily closing basis, things should remain constructive.
The $32 area will likely serve as resistance, with a daily close above that opening the door to the $35 region.
Above that, we have the 2019 trend line near $45.