However, the growing bear action in the broader market has continued to impact altcoins like Ethereum (ETH), XRP, SUI, and Avalanche (AVAX) in different measures. As of writing, the combined crypto market cap is down 1.56% to $3.16 trillion, proving that headwinds remain.
Ethereum Open Interest Turns Bullish
As the frontline altcoin, Ethereum’s price has decoupled from that of Bitcoin (BTC). As of writing, the coin was changing hands for $2,789.12, up by 2.21% in 24 hours. In contrast, BTC’s price is still down 1.36% to $96,634.
Amid this decoupling, there is evidence of a growing positive sentiment from the Ethereum futures traders. Open Interest data from Coinglass shows this metric is up marginally by 1.33% in 24 hours. With this outlook, a total of 8.57 million ETH, valued at $23.94 billion, has been committed by futures traders.
This open in Open Interest might signal the start of a solo ride for ETH price. Amid a positive shift in the future market, the potential for ETH price to reclaim $3000 remains optimal. Having dropped as low as $2,500 in earlier trading, this rebound confirms the proponent’s forecast for a sustained revival.
XRP Bears In Spotlight, SUI and AVAX Drags Spot
While Ethereum has managed to hold the forte, XRP has continued to nosedive as of writing. Trading for XRP $2,397 has shed more than 5% in 24 hours. For a coin named a candidate to displace ETH, the odds are currently not in its favor.
The SUI and Avalanche rivalry has continued to deepen, with the former making moves to overtake the latter in ranking. Currently, both coins are down by 6.66% to 1.72% and changing hands for $3.349 and $25.98, respectively.
With this price outlook, SUI is trailing behind AVAX with a $340 million margin, a valuation that is easy to flip. Thus far, in this bull run, SUI has hit multiple all-time highs, while Avalanche has not in over 3 years. On occasions, SUI hovers new ATH, a sign that if bearish conditions thin out, it may overtake AVAX soon.
ETH and XRP to Lead Altcoin Rebound
As the most capitalized altcoins in the market, Ethereum and XRP are likely positioned to lead the sector’s recovery. Moreover, XRP remains in the spotlight, considering it has more fundamentals that may trigger a positive market reaction when activated.
The push for XRP ETF in the United States may fuel a long-term bullish run for the coin. With firms like CoinShars, 21Shares, and Grayscale pushing for the ETF tracking XRP, analysts are convinced the current drawdown is temporary.
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