Altcoins
Altcoin season on the horizon? Analyst Predicts Ethereum Breakout That Will Start Rally
Javon Marks, crypto analyst recently suggested that the Altcoin Season could be imminent, and Ethereum could be the cause. As part of his analysis, the analyst predicted that Ethereum This would likely kick off the rally these crypto tokens are expected to see once the Altcoin season begins.
Altcoins to follow the movement of Ethereum
Marks noted in an X (formerly Twitter) job one new absolute record (ATH) as Ethereum could be of “major service in many Altcoin progressions”. The analyst made this statement highlighting a bull flag which had formed on the Ethereum map. He claimed that a breakdown of this flag could trigger a massive rally for Ethereum, which, in turn, would have a positive impact on other Altcoins.
Ethereum periodically surpasses the flagship crypto, Bitcoinwhich incentivizes other crypto tokens to make significant rallies instead of mirroring Bitcoin’s price action. Michaël van de Poppe, crypto analyst indicated that the news regarding the Spot Ethereum ETF will likely trigger this move for Ethereum and other altcoins.
He also revealed that Bitcoin’s dominance has peaked, meaning the flagship crypto could cool off while these altcoins see an upward trend. Van de Poppe had previously predicted that the narrative would shift to Ethereum and that he expects altcoins to rebound in their Bitcoin pairs after the halving.
In a more recent version Message, the crypto analyst also suggested that a significant rally is on the horizon for Ethereum. According to him, the second largest crypto token in terms of market capitalization is currently in the final stages of the correction. “The good times will be here in a few weeks,” he added.
These “good times” are also on the way for other altcoins, like Van de Poppe revealed that it is currently experiencing a period of consolidation on the Altcoin market cap charts, which precedes the “next big push up”.
Altcoin season could still take a while
Crypto Analyst Rekt Capital suggested that it might still take some time before the market witnesses Altcoin season. In a Messagehe declared that “the window for Altcoin at its lowest is just getting started,” meaning these crypto tokens are still likely to fall before experiencing a trend reversal and making parabolic moves upwards.
In other Message, the analyst reiterated this sentiment again, stating that there is “still time before the Q2 Altcoin hype cycle takes off.” However, he noted that altcoins are already preparing for this move, claiming that “the very foundations of the next wave of Altcoin rallies are being built as we speak.”
Rekt Capital assured that this period of consolidation for altcoins was necessary before they could experience difficulties. significant increase in prices. “Market-wide breakouts cannot occur without the market first experiencing slowness consolidation periods,” he claimed.
At the time of writing, Ethereum is trading around $3,000, up over 3% in the last 24 hours according to data from CoinMarketCap.
Chart from Tradingview.com