Altcoins Surge While ETH Struggles: Is Ethereum Losing Its Altcoin Crown?

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Altcoins Are Pumping Hard While <a href="https://jpygbp.com/eth-usd/">ETH</a> Stays Stuck

Bitcoin is showing strength and staying above a key support level while other cryptocurrencies (altcoins) are increasing in value. Ethereum is having trouble breaking through a significant resistance point, and there are signs that stablecoins may be shifting in dominance. This is not financial advice.

On Wednesday, Bitcoin’s Relative Strength Index (RSI) reached 78.08. This is a significant level because it’s higher than previous peaks reached on March 16 and April 17.

Trading volume has been steadily higher than its average, and the overall volume trend has been positive since mid-April. Bitcoin is currently trading above a key indicator called the TBO Cloud, suggesting a strong upward price trend, according to MooninPapa on X.

ETH Still Can’t Clear the Wall Most Traders Ignore

Ethereum briefly surged past a key long-term resistance level on Tuesday, confirmed with a close above it on Wednesday. However, it then faced difficulties and began to fall back, encountering resistance around the $2,376.66 mark.

It’s unusual to see Ethereum, which typically leads gains for alternative cryptocurrencies (altcoins), performing so poorly. MooninPapa, in a post on X and his YouTube market analysis, pointed out this weakness in Ethereum’s price chart as a potential warning sign, especially considering Bitcoin’s current strength. He wondered if Ethereum is losing its position as the top altcoin.

Ethereum’s on-balance volume remains positive, and its moving average continues to trend upward. However, the Relative Strength Index (RSI) decreased on Wednesday after briefly breaking through a resistance level the previous day.

Recent trading data reveals a shift in the cryptocurrency market. Ethereum’s share on major platforms decreased from 27% on April 11th to 17%, with that trading volume now flowing into other altcoins.

The Stablecoin Signal Nobody Is Talking About

On Wednesday, stablecoins made up 23.76% of the cryptocurrency market. This is the lowest percentage since March 16th, when it was 23.33%. The market experienced a decline after that previous low point.

According to a post by MooninPapa on X, technical indicators suggest stablecoins are poised for a price increase. This could lead to increased support for TBO, potentially rising from 8.05% to 10.017%. A similar pattern earlier this year saw stablecoin market share jump from 8% to 12%.

Bitcoin currently controls 61.21% of the cryptocurrency market, which still suggests a strong upward trend. However, some indicators suggest a potential shift in momentum. According to MooninPapa on X, if Bitcoin’s dominance decreases and stablecoin dominance also falls, other cryptocurrencies will likely benefit. This ‘others’ index has already increased by 10% in the last two days. The Relative Strength Index (RSI) reached 83.72, a very high level.

That is not a small number.

ZEC, ICP, KAS and the Coins Actually Moving

The total value of the cryptocurrency market reached $2.43 trillion on Wednesday. The Relative Strength Index (RSI) for the total market cap hit 77.97. TOTALE50, a specific crypto index, briefly dipped before encountering resistance around $44.66 billion, with its RSI reaching 80.68 – the highest level seen since January.

In a recent YouTube update, MooninPapa highlighted several cryptocurrencies that have seen significant movement in the last two days: Zcash (ZEC), Internet Computer (ICP), Algorand (ALGO), Morpho, Kaspa (KAS), Filecoin (FIL), Dash, VVV, Curve (CRV), and a coin jokingly referred to as ‘FARTCOIN’. Zcash briefly reached a resistance level of $607.35, with its Relative Strength Index (RSI) closing at 92.87. Internet Computer experienced a 20% price increase, followed by a 7% decrease in the next trading session.

As an analyst, I’ve been advising against trying to jump into trades based solely on those late, explosive price jumps – they’re still pretty risky, particularly when we see moves of 10% or more. I much prefer to look for opportunities where the price has pulled back to a key support level – one that’s proven reliable in the past, meaning it’s bounced off that level several times before. That’s where I see the more solid setups.

As a researcher, I observed a strong bullish signal – Optimism confirmed a ‘Time-Based Opportunity’ long position with a significant 10.82% increase yesterday. However, I also noted bearish signals from Ethereum, Kronos, Mantle, and Polkadot, all indicating closed short positions. For those currently holding short positions, this pattern often suggests a potential price pullback to the fast-moving average before considering a change in strategy.

TradFi Backdrop: DXY, Yen, Oil, Gold

The Dollar Index (DXY) faced resistance and dropped slightly on Wednesday, reaching a low of 97.625 compared to a previous low of 97.632. One analyst, MooninPapa, still believes the DXY will eventually fall to fill a price gap, but it’s becoming less clear when that might happen.

The USD/JPY exchange rate has fallen below a key technical level not seen since June 2025. Japan’s financial authorities have indicated they may intervene in the currency market. Additionally, a technical indicator suggests a downward trend is starting. One analyst, MooninPapa, believes USD/JPY could drop to around 140.

News about potential peace talks between the US and Iran caused oil prices to fall back into a downward trend. They are now trading within a range of uncertainty. While a key indicator suggests oil is still trending upwards, the current price is significantly higher – about 29% – than a previous low of $68.137. Gold prices rose sharply on Wednesday, increasing by 3% and approaching a key resistance level around $4,790. Silver also saw a large increase, jumping 6%, but its trading volume is declining, indicating a potentially negative outlook.

Uranium experienced a significant price increase after a technical indicator, known as a TBO closed long, triggered on Tuesday. The price jumped 7% on Wednesday, a move described by X user MooninPapa as typical ‘meme-coin’ activity.

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2026-05-07 20:42