A widely followed cryptocurrency analyst and trader believes one Ethereum (ETH) competitor is forming a bullish reversal pattern.

Bitcoin (BTC) has risen 7% so far this week, supported by the US Federal Reserve (Fed) interest-rate cut and more than $300 million in ETFs inflows. The recent surge led BTC price to shatter several key technical resistance levels, a sign that the current two-week rally has likely some more way to go towards $65,000.

A widely followed crypto analyst is updating his outlook on Ethereum (ETH) and other digital assets after the Fed cut rates this week.

Altcoins were the better performer after the Fed's decision to lower rates on Wednesday.Cryptocurrencies excluding ether and bitcoin have risen

Bitcoin and other major cryptocurrencies surge as Federal Reserve cuts rates, sparking investor interest in high-growth assets like cryptos.

The Fed's interest rate cuts did Bitcoin and the broader crypto market good, giving the world's top cryptocurrency a $3,000 gain and helping Ethereum leave its dark days behind.

The cryptocurrency market experienced a significant rally on Thursday, just one day after the Federal Reserve made the surprise move to cut interest rates by half a percentage point, marking the first such reduction in over four years.