ETH hits $3000! Are alts迎来Rebound? Analysts reveal key support zone.

While Bitcoin continues to dominate the crypto market, other alts have experienced years of underperformance. Although there have been a few brief rebounds, most alts remain far below their ATH, affected by investor skepticism and capital concentration on BTC. However, recent market dynamics suggest that the sentiment towards alts may be shifting. In recent trades, strong alts have started to recover, showing resilience as market conditions improve.

Carl Runefelt analysis: The altcoin market is starting to rebound from a key support area.

Top analyst Carl Runefelt shared a technical analysis indicating that the altcoin market is rebounding from a significant support zone. This has sparked a new round of discussions among traders and investors. Does this mean that a bull market for alts is on the horizon, or is it merely a short-term rebound before another pullback?

Despite the easing of macroeconomic uncertainties and the gradual return of liquidity to the crypto market, many projects' key resistance levels remain unbroken, and investor confidence in alts has not fully recovered. Although the current market structure appears somewhat optimistic, whether this rebound can be confirmed will depend on the ability to break through key levels and maintain higher price ranges.

alts waiting for a breakthrough: can Ethereum start a new round of bull market?

Currently, most alts are still nearly 50% below their ATH. However, market sentiment is beginning to change, and investors expect a breakthrough rally to be imminent. Whether Ethereum (ETH) can break through the current resistance zone is key to the altcoin explosion. Since early May, Ethereum has been trading within a clear consolidation range, and the performance of alts has also shown sideways consolidation, lacking clear market signals.

Carl Runefelt's recent insights indicate that the altcoin market is recovering. By analyzing the TOTAL3 chart (which tracks the total market capitalization of all cryptocurrencies except Bitcoin and Ethereum), Runefelt points out that the alts are rebounding at a key support level priced in BTC. This rebound could signify the beginning of a recovery trend, especially if Bitcoin funds start flowing into the altcoin market, further accelerating this rise.

Will Ethereum's breakthrough lead alts into a bull market?

Historically, alts have often experienced strong bullish trends under the leadership of Ethereum. If Ethereum can break through the $3,000 resistance level and confirm the upward movement, it may trigger widespread market participation, thus initiating a new altcoin bull market. The current market structure indicates that many investors are positioning themselves in advance, expecting that a clearer macroeconomic outlook and market stability will encourage investors to adopt risk-seeking behavior.

However, this rebound has not yet been confirmed, and investors still need to pay attention to whether Ethereum can break through key ranges and maintain upward momentum. Once the breakout is successful, many oversold alts may experience a sharp rebound, paving the way for broader market expansion. At this time, patience and timing will be key, and traders need to closely monitor the performance of ETH and TOTAL3 to look for signals for the next wave of upward movement.

TOTAL3 Chart: Early Signs of a Rebound in the altcoin Market

The TOTAL3 chart, which displays the total market capitalization of all cryptocurrencies excluding Bitcoin and Ethereum, is showing early signs of recovery from a long-term weak state. Currently, the chart indicates a rebound at the $830 billion level, which coincides with the 100-week simple moving average (SMA), currently acting as dynamic support. This level has historically been a key turning point, especially during the consolidation phase of the mid-cycle.

Despite the market capitalization still being more than 40% below the ATH of the previous cycle, the recent strong Rebound has filled the market with more optimism. The recent weekly candlestick shows a strong green body, indicating that interest in the alts market is recovering. The increase in trading volume also reflects a resurgence of confidence among market participants, with many alts recovering from deeply oversold conditions.

From a technical perspective, this Rebound may signal the beginning of a new macro upcycle, especially when the 50-week SMA is broken and the price stabilizes above $900 billion. The overall market structure remains constructive, forming higher lows since the end of 2022, and the price is compressing into a potential breakout pattern.