Altcoins
Altcoin Season Starts: Ethereum Price Rise Signals Major Shift in Crypto Market
Crypto Analyst Crypto Capital Venture recently discussed the sharp rise in the price of Ethereum, which soared to around $3,200. He not only explained the technical aspects of Ethereum’s movement on the weekly chart, but also explored its implications for Bitcoin, Bitcoin’s dominance, and the broader altcoin market as a new cycle unfolds.
He noted the developments in the Bitcoin market, especially observing the weekly chart, where historical trends of bull market breakouts are evident. As early as 2013, notable milestones such as the bull market thresholds in 2017 and 2020, and potentially now in the current period, highlight a recurring trend.
Bitcoin Market Dynamics and Historical Patterns
Discussing Ethereum’s dominance over Bitcoin over cycles, he highlighted the steady upward trajectory, particularly evident between 2017 and 2020. This increase in Ethereum’s dominance suggests a potential shift in the broader cryptocurrency landscape . If Bitcoin were to break above its current bullish thresholds, it could signal a significant move for the entire crypto market.
Despite uncertainties, such as confirmation of Bitcoin’s bull market breakout, the analyst highlighted Ethereum’s dominance this cycle, far surpassing previous levels. This trend highlights the continued decline of Bitcoin’s dominance, indicating bullish sentiment for Bitcoin but a broader trend in favor of altcoins, with Ethereum leading the way.
Potential setbacks ahead
Looking at Ethereum’s dominance over Bitcoin (ETH/BTC), Crypto Capital Venture highlighted the trend of Ethereum’s increasing dominance over cycles. This trend, he suggested, indicates a broader shift in the cryptocurrency landscape, with altcoins gaining ground over Bitcoin.
While acknowledging Ethereum’s impressive rally, Crypto Capital Venture also warned of potential pullbacks, citing technical indicators such as overbought conditions in the RSI and the need for consolidation around moving averages. He explained potential resistance levels and the possibility of Ethereum retracement before further upside.