Ethereum (ETH) and Trump (TRUMP) Spearhead Latest Altcoin Recovery Surge

There is still life in the altcoins. Ethereum (ETH) is suddenly up around 3%, while Trump (TRUMP) has just broken out of its downtrend and is up nearly 13% so far on Wednesday.

Total2 about to break out?

Source: TradingView

After labouring in a sideways, and then a pronounced new downtrend for quite some period of time, the Total2 chart (Combined market cap of all cryptocurrencies except $BTC) is showing signs of a possible recovery.

The current downtrend needs to be broken and there is a good possibility that this could happen at some point on Wednesday. If the bulls can push the altcoin market cap up through the 0.5 Fibonacci, and the descending trendline, progress can be made towards the major descending trendline that goes all the way back to December 2024. 

Can $ETH break out and breathe new life into the alts?

Source: TradingView

$ETH is a key player here. In its own particular downtrend against the US dollar (ETH/USDT), the $ETH price really plumbed the depths in the midst of the Trump tariffs market crash. A major bottom support was tested, and it now looks as though the bulls want to push the price all the way back to the descending trendline and beyond.

Just as in the case for Total2 price action, the price is up against the 0.5 Fibonacci. A break here could see $ETH tap that descending trendline once again, and this time, a confirmed breakout could occur, potentially breathing new life into the altcoin market as a whole.

$TRUMP breaks out

Source: TradingView

A real favourite in the altcoin/memecoin space is obviously $TRUMP. This memecoin caused an absolute sensation when it first appeared on the scene at the time of Donald Trump’s investiture for his second term as president of the US. An absolutely huge run up took this meme to a multiple billion market cap, from which it has since rolled over and followed a huge downtrend.

However, a recent pop through the descending trendline with a whole candle body on the 8-hour time frame, has led to renewed hope for a fightback. Target prices are in the above chart based on the Fibonacci levels. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.