Ethereum Consolidates As Altcoins Boom

Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.

Ethereum is consolidating as altcoins see some strong price action throughout the day.

Ethereum is holding fairly strongly above former resistance turned support. MFI is attempting to trend upwards while the MACD is moving fairly neutral. The volume is also holding fairly steady, after an attempt at a spike in volume earlier in the day. Currently, BTC is also consolidating fairly strongly as well, so this movement isn’t too surprising.

The overall cryptocurrency market cap is currently at $2.4 trillion with the overall market’s volume at around $80 billion. BTC dominance is now at 40.2% and ETH dominance 20.1%.

Altcoin plays like Uniswap are seeing some strong movement this week. Uniswap is currently up over 30% for the week after testing historical support once again. The MACD and the MFI are both trending upwards on the daily chart for Uniswap. This movement has lead to other swap protocols such as SushiSwap to see some strong movement this week as well.