Ethereum’s recent surge has got everyone talking. After breaking through a key resistance level, it’s finally showing some serious strength. Many people were skeptical about ETH’s potential earlier this year, but its recent performance is changing minds.
But is this the start of Altseason?
Not quite yet, according to analyst Ali Martinez. While Ethereum is gaining momentum, Bitcoin is still leading the market. This is actually a good thing for investors looking to buy ETH and other altcoins.
Here’s why:
Bitcoin typically leads the market in the early stages of a bull run. This means that altcoins, including Ethereum, often lag behind. However, once Bitcoin’s momentum cools down, capital tends to flow into altcoins, leading to a period known as Altseason.
Martinez points out that this pattern is typical and that Altseason hasn’t started yet.
He uses a chart that tracks capital flows between Bitcoin and Ethereum, showing that Bitcoin is still attracting more investment.
This presents a great opportunity for investors to buy ETH and other altcoins before they start to rally.
Ethereum’s Technical Outlook
Ethereum recently broke through a crucial resistance level at $2,820. This is a significant bullish signal, as it shows that ETH is overcoming a major hurdle.
To continue its upward trend, Ethereum needs to break above the daily moving average at $2,955. However, a period of consolidation just below this level could also be beneficial, allowing ETH to gather strength for a more sustained rally.
The market is closely watching Ethereum’s performance. A sustained break above the key resistance levels could set the stage for a strong recovery and potentially even new highs.
Overall, the recent surge in Ethereum is a positive sign. While Altseason hasn’t officially begun yet, this could be a great time to start accumulating ETH and other altcoins before they potentially take off. /p>
