While the focus has been on Bitcoin's (BTC) price recently, it is slowly shifting toward unlike projects. There's a straightforward reason for that: The halving has passed past, so the markets are reverting to their normal day-to-twenty-four hour period fluctuations. Hence, altcoins can regain some more attention.

Based on that assumption, an analysis of Ethereum and its native token Ether (ETH), the second-biggest cryptocurrency by market capitalization, is warranted.

Crypto market daily performance. Source: Coin360

Crypto marketplace daily functioning. Source: Coin360

Ether facing heavy resistance betwixt $215–$230 as next hurdle

While Bitcoin has been acting within a range of post-halving, the same tin be stated about Ether. The price of ETH has institute support in the $168–$175 area, while the cost is still unable to pause through the upper bulwark at $215–$230.

ETH USD 1-day chart. Source: TradingView

ETH–USD one-twenty-four hour period chart. Source: TradingView

More remarkably, the price of Ether is heavily lagging backside the price of Bitcoin. BTC has rallied dorsum to the highs of February, while Ether can't provide the same strength and is still downwardly xxx% since then.

What does that say? Well, the focus has been on Bitcoin due to the halving. A heavy sell-off in altcoins occurred during the last push button in BTC price (from $7,800 to $10,400) and the BTC–altcoin pairs were crushed with drops of 20% and 30%.

All the same, history tells us that Bitcoin nearly always runs showtime. The top of Bitcoin was reached in December 2022, while the altcoins made their all-fourth dimension highs in the first quarter of 2022.

Thus, Bitcoin has to stabilize and calm down, after which altcoins can accept a take a chance to catch up. And based on that, they tin can get momentum to reclaim their February levels, which for Ether is $270–$300.

Total market cap property meaning support

The total market cap of cryptocurrencies is showing some impressive and significant indications of potential upward momentum.

Total market capitalization cryptocurrency 1-day chart. Source: TradingView

Total cryptocurrency market cap, 1-24-hour interval chart. Source: TradingView

Beginning of all, the total market cap is finally flipping the 2022 level for support again. That support level tin be classified as the support for Bitcoin at $6,000. The price of BTC saw many bounces at that level in 2022 before the big crash occurred.

Based on that, the total market cap is lagging significantly behind, every bit the price of Bitcoin is currently at $9,600, which is 60% college than this support. Decision: Altcoins are lagging.

Second, the chart is showing an increment in book. An increment in book, while notwithstanding moving sideways, indicates accumulation and increased interest in the nugget. An increment in volume is a bullish bespeak.

Finally, the 100-day and 200-twenty-four hours moving averages on the daily timeframe are showing support, afterwards which these MAs take confirmed back up in the recent crash.

Why is this significant?

Total market capitalization cryptocurrency 1-day chart. Source: TradingView

Total cryptocurrency marketplace cap, i-mean solar day chart. Source: TradingView

The significance of the moving averages is shown in this chart. Throughout the previous bull cycle, the total market cap never lost the moving averages until it lost the 100-twenty-four hour period MA at the beginning of 2022.

Property and flipping these moving averages as support indicates strength and a potential trend shift. If the market place cap loses these MAs, the marketplace is back in bear territory.

Total altcoin market capitalization cryptocurrency 1-day chart. Source: TradingView

Full altcoin cryptocurrency market cap, 1-day chart. Source: TradingView

The total altcoin market cap shows a like construction to the total market cap. Even more remarkably, the support of Bitcoin at $half dozen,000 can be compared with the red horizontal line in this nautical chart.

Through that, the determination is made that altcoins accept been lagging heavily behind Bitcoin.

Notwithstanding, the altcoin market cap is also showing support on the 100-solar day and 200-day MA, while the $lxx billion acts as support also.

As long as these remain support, further momentum is expected toward $110–$120 billion.

What are the levels to watch for Ether?

ETH USDT 1-day chart. Source: TradingView

ETH–USDT, one-day chart. Source: TradingView

Just as the total market cap of crypto is showing support at the 100-solar day and 200-Day MA, the aforementioned can be stated for Ether'southward price.

Every bit long as these MAs remain back up, continuation is likely to be expected, and there are few reasons to become bearish, except for sentiment based on historical experience.

The crucial level for ETH–USD to hold is the $168–$173 area (a potential spike towards $160 could occur). If Ether holds that level, further continuation is warranted. A potential short-term correction toward this level is not unhealthy. Such a correction would confirm consolidation and confirmation of the $168–$173 area as support.

However, a flip of the $195 level can too be classified as a bullish support/resistance flip.

When either of these 2 levels becomes support, continuation is expected to occur for Ether.

What are the upward targets for ETH price?

The first major target is found at $250–$252. The second major target is $280–$290 (the loftier in February). After that, the $320–$340 level is marked as the third level of significance.

All the same, the primary indicator would be whether Ether remains above the moving averages, as these are substantial indicators for bull/bear momentum.

ETH BTC 1-day chart. Source: TradingView

ETH–BTC, one-day chart. Source: TradingView

The BTC pair needs to prove some strength. The price of Ether in the BTC pair is still hovering inside a range betwixt 0.018 and 0.0275 sats.

However, the support at 0.021 sats is confirming back up for a second time. What would traders and investors preferably desire to encounter here? A new, higher high. The BTC pair of Ether is showing higher lows since September 2022, only no higher high has been made, however.

A confirmation of support at 0.021 sats is therefore needed to justify further momentum. The next footstep would be a clear move toward 0.024 sats and a breakthrough. If this rally happens, a new higher high higher up 0.0273 sats volition be the next target.

Disclaimer: For such a move, Bitcoin volatility needs to remain calm. During the previous rally upward on Bitcoin (pre-halving), the BTC pair of Ether got crushed. Once the volatility diminishes for Bitcoin, only and so tin crypto coins similar ETH have some free space to take hold of upwardly.

The views and opinions expressed here are solely those of the author and do non necessarily reflect the views of Cointelegraph. Every investment and trading movement involves take a chance. You should carry your own research when making a decision.