The Ethereum Coinbase Premium Index continues to trade in an indecisive zone following the crisis on August 5, 2024.
For altcoin investors, the market perception of U.S. investors regarding Ethereum plays a crucial role as a benchmark. We witnessed how Ethereum surged from $2,200 to $4,000 during the period of February 8 - March 11, when the Coinbase Premium Index remained positive for an extended period. This was followed by significant (mini) rallies across many altcoins.
Looking ahead, I believe Ethereum's price will serve as a benchmark for an altcoin bull market, similar to how traditional indices work in the stock market. Therefore, tracking U.S. investors' market sentiment (buy/sell) is becoming increasingly important. My on-chain alarms are ready, and I will share them with you as soon as they are triggered
Written by burakkesmeci
