The crypto market is at an interesting juncture characterized by fear and optimism for a massive rally into the bull market. Most investors are jittering following the post Bitcoin ETF approval sell-off which pushed Bitcoin price to trim gains from its recent peak at $49,000 to below $39,000. The top altcoins to buy too were not spared considering Ethereum price is back to seeking support at $2,200 while Solana wobbles at $85.
Despite the shaky foothold, experts like @CryptoBusy believe this is “a prime opportunity to accumulate Bitcoin and crypto at low prices before the next bull run.”
The trader argues via a post on X that if investors fail to grab BTC and altcoins now, they will be forced to “wait another 3-4 years during the next bear market.”
The 4th Bitcoin halving is 84 days away 💥⌛
And that’s a prime opportunity to accumulate #Bitcoin and #Crypto at low prices before the next bull run.
If you don’t take advantage now, you’ll have to wait another 3-4 years during the next bear market.
A sound strategy is to… pic.twitter.com/rGGf31rMB9
— CryptoBusy (@CryptoBusy) January 25, 2024
This article will delve into three top altcoins to buy starting with Ethereum (ETH), Optimism (OP), and Celestia (TIA) aiming to explore key entry positions ahead of the next bull run.
Recommended: 3 Top Crypto To Buy Today January 25: XRP, ADA, BONK?
Ethereum price wobbles awaiting spot ETF hype
Ethereum outperformed Bitcoin following the ETF green light a couple of weeks ago. As BTC struggled to clear its way to $50,000 showing the weakness of the uptrend, the narrative quickly shifted to Ethereum due to a sudden increase in speculation for a spot ETH ETF approval.
The CEO and founder of MN Trading, Michaël van de Poppe believes that Ethereum is not done with the uptrend. He argues that the digital asset is going to see a surge in momentum over the next few weeks highlighting key factors like the Bitcoin bottom which could be “a trigger for altcoins to make a new run,” not to mention the hype for an Ether spot ETF and the network launching upgrades to reduce at least 90% of the costs.
The momentum towards $ETH is probably going to come in the next few weeks.
Arguments:
– #Bitcoin bottoming out is a trigger for altcoins to make a new run.
– Ethereum Spot ETF hype.
– Ethereum launching new upgrades to reduce 90% of the costs. pic.twitter.com/N8bDi52F8M— Michaël van de Poppe (@CryptoMichNL) January 25, 2024
If Ethereum manages to break free from its current price bracket, the ensuing target might be the upper resistance line of the channel, estimated at around $2,300. With sustained bullish pressure, the coin could escalate to a high of $3,000 in the near term. However, it’s essential to consider that a drop below the wedge’s support level, especially at the $2,100 point, might initiate a downward trend toward the channel’s lower support line near $2,000.
OP price chart | Tradingview
The technical indicators for ETH paint a mixed but cautiously optimistic picture. The Relative Strength Index (RSI), currently below the 50 mark, suggests a short-term bearish trend. However, the Moving Average Convergence Divergence (MACD) indicator tells a different story, displaying a positive trend. This is evidenced by the MACD line’s upward cross over the signal line, hinting at a bullish outlook in the near future. Complementing this is an ascending histogram.
What’s in store for Optimism (OP) after 33% nosedive
Optimism bulls are engaged in a support-seeking exercise to help curb the selling pressure that has since January 12, trimmed gains from the peak at $4.2 to $2.77.
However, with the RSI significantly below 50 but not oversold yet, further decline is anticipated before OP collects enough liquidity to support an uptrend.
OP price chart | Tradingview
Traders should be looking at $2.5 as the next viable support or the lower ascending trendline. Just like OP’s bullish outlook from the trendline in the last few months, a rebound from this area might catapult the price to $4 or higher.
Celestia (TIA) bleeds as traders short TIA
Traders still believe it is safe to short Celestia, especially with the drop from an all-time high at $20. The token traded at $15.32 on Thursday but what is of utmost concern for the the bulls is whether the downtrend is nearing an end or TIA still has a long way to go down the abyss.
TIA price chart | Tradingview
The 200 EMA (purple) flaunts support at $15.18 but since this area was breached on Tuesday, its robustness remains questionable. Stronger support exists at the ascending trendline with the possibility of TIA stretching the leg to $14 before starting to gain ground.
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