ETH/USD rose about 4% in the past 24 hours and is likely to break above $410 as altcoins post mixed trades
The weekend was relatively quiet for the cryptocurrency market. Most top-10 altcoins traded sideways. Bitcoin, which posted a strong rally earlier last week, also started the week slowly and was trading around $11,700 at the time of writing.
Ethereum climbed about 4.5% on the day and was trading near $406, leading the large-cap altcoins into the green. Litecoin gained 5.6% and was trading around $62.50 at the time of publication, while XRP rose about 2.27% and was trading at $0.288 during the session.
Ethereum
In today’s price action, Ethereum increased by more than 4% against the US dollar. The second-largest cryptocurrency by market capitalization has seen a strong start to the week and could test resistance near $410.
In the chart shared by a trader, the pair recently broke out of a seven-month falling wedge. The MACD showed a bullish divergence on the monthly chart. The price could also rise to 0.0850 BTC, corresponding to the 61.8% Fibonacci retracement level.
Part of the recent price movement relates to a sharp swing in Ethereum network fees, which hit a peak before falling dramatically over the weekend.
Ethereum network fees rose to a temporary high in mid-July and then dropped significantly. According to on-chain analytics provider Santiment, the decline creates an opportunity for users to access cheaper on-chain operations.
Mixed altcoin market
Over the past 24 hours Tezos, Aave, Algorand, Cosmos, Synthetix Network, and Basic Attention Token recorded gains.
Among the top 100 coins, the biggest winners were Aragon with a 26% rise and Swipe with an increase of 17%. NEM traded up about 14%, Siacoin rose roughly 13%, and THETA gained around 11%.
These double-digit gains reflect increased volatility in the broader crypto market as traders position for potential moves in Bitcoin, which can amplify returns across altcoins.
However, not all tokens advanced. OMG Network fell 4.56% and was trading around $6.14. Augur dropped about 6% and was trading near $24.40. Nano declined roughly 6% and was trading at about $1.31 at the time of writing.