Crypto Analyst Says Ethereum (ETH) And Altcoins Are About To Surprise Traders With A Massive Move

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A closely-watched technical analyst says Ethereum (ETH) and the broader altcoin markets are poised for an unexpected macro move higher.

The pseudonymous analyst known as TechDev tells his 403,000 Twitter followers that several different metrics suggest crypto markets have bottomed and are setting the stage for the next surge.

TechDev shares a chart that appears to show the altcoin’s market cap, plus Litecoin (LTC) in its Bitcoin (BTC) pair (LTC/BTC) forming bullish patterns while the US Dollar Index (DXY) and dominance of Bitcoin are showing weakness all at the same time.

“Altcoin’s cap, DXY, BTC dominance and LTCBTC offer clues to the broader position of the market cycle.”

Source: TechDev

The popular analyst also argues that Ethereum is showing strength against Bitcoin, further suggesting an incoming bullish chapter for altcoins. He shares an ETH/BTC chart with three-week candles that appears to show the Relative Strength Index (RSI) may be breaking out of a downtrend

“ETH/BTC 3W

Bullish macro altcoin chart.

Source: TechDev/Twitter

TechDev says there is a potential decline in Tether (USDT) dominance. USDT dominance is often inversely correlated to crypto market movements, as traders can sell their stablecoins against riskier crypto assets during bull markets and buy them back during bear markets.

According to the analyst, the stablecoin’s dominance is “on a cliff”, suggesting that the crypto market capitalization could see an influx of buying pressure.

“Things happen.”

Source: TechDev/Twitter

Says the analyst,

“In my opinion, there is a good chance that the majority is about to be caught off guard by this next altcoin move.”

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