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I've been thinking about why altcoins haven't been rising recently, and ultimately, I believe it all comes down to ETH's relative weakness. Just because Bitcoin is going up doesn't mean the altcoin market will move accordingly.
What's important here is the value of ETH against BTC. For altcoins to start a genuine rally, ETH needs to be bought during Bitcoin's consolidation or sideways movement. In other words, the strength of the ETH/BTC pair determines everything.
Looking at the current chart, ETH/BTC is approaching a critical breakout point. If it breaks through this level, we could see significant upward movement after a retest. However, at this stage, the positive catalysts are not yet in place.
While Bitcoin is hovering near 69K, ETH remains around 2.1K, but the reason altcoins aren't rising is because this pair's movement is weak. Until a breakout occurs in the pair chart, I believe a full-scale rally in the overall altcoin market will be difficult. It's a phase worth watching closely.