Ethereum (ETH) Has Flipped the Crypto Market on Its Head

Ethereum (ETH) has flipped the crypto market on its head with a sharp 20% surge in the past 24 hours, pushing the price to $2,323.54 and briefly touching a daily high of $2,486.01.

Ethereum (ETH) has flipped the crypto market on its head with a sharp 20% surge in the past 24 hours. As of writing, ETH is trading at $2,323.54, recovering slightly from a daily low of $2,100.01 and briefly touching a high of $2,486.01.

Ethereum’s trading volume also exploded, up 150% to a massive $51.56 billion.

ETH Reclaims Key Support Levels

As per CoinMarketCap data, ETH has convincingly reclaimed its 20-day EMA at $1,869 and is now hovering near the 50-day EMA at $1,883, both of which could act as strong support zones in the near term.

This sudden bullishness has resulted in speculations of a broader altcoin sector rally.

Bitcoin Dominance has officially peaked!From this point on, I’m NOT expecting any further rise. As dominance drops, the #AltcoinSeason will be absolutely massive!Trust me — I know the way. Stay focused and believe. #Altcoins pic.twitter.com.

— The_Real_Mind (@MindInTheMatrix) November 14, 2023

Historically, Ethereum’s aggressive uptrends have often preceded altcoin booms. When ETH dominance rises and ETH/USD breaks through key resistances, capital frequently rotates into higher-risk altcoins. This pattern was clear in both the 2017 and 2021 cycles.

Exchange Flows Paint Mixed Short-Term Picture

According to crypto analyst BorisVest, ETH exchange inflows (mean) have increased since late 2024, suggesting heightened sell pressure—a short-term bearish indicator. This mirrors the 2022–2023 phase, where ETH sent to exchanges preceded sell-offs.

However, the narrative shifts with mean exchange outflows, which have risen steadily since October 2023. This is a classic sign of accumulation by long-term holders who withdraw ETH from exchanges, showing deep-seated confidence in the asset’s future.

Altcoin Market Rally on the Horizon?

Zooming out to the broader altcoin market, the TOTAL2 chart (Crypto Total Market Cap Excluding BTC) confirms this growing optimism. The market cap has rallied past $1.16 trillion, with resistance at the 1.0 Fibonacci level around $1.23T.

Beyond that, key targets lie at the 1.618 Fib level of $1.38T and the 2.618 extension near $1.61T—both historically reliable markers for altcoin bull runs.

The Relative Strength Index (RSI) for the altcoin sector currently reads 75.94. This figure indicates overbought conditions, which usually precede pullbacks. However, as seen in past euphoric rallies, the RSI can remain elevated for extended periods. The MACD indicator for TOTAL2 shows a bullish crossover with rising histogram bars. This pattern reinforces that the altcoin market’s upward momentum currently remains intact.