According to a closely followed crypto analyst and trader Ethereum (ETH) It could mark the start of a new altcoin season, but ETH needs to pass an important milestone before it can do so.
Sharing “strategy sessions” on his YouTube channel with 35,100 followers creditable The pseudonymous analyst and trader stated that a new altcoin season will be on the way once Ethereum reveals a major area of resistance against Bitcoin (ETH/BTC).
“Looking at the ETH/BTC chart, we are looking for a monthly close above 0.077 BTC ($5,205) so we can make sure we break that level. Once that happens, ETH will definitely take flight and other altcoins will follow.
bitcoin If it decides to slack a bit or gap, it will be a very important turning point where alt season is also confirmed, at the point where ETH can continue to rise higher, send the ETH/BTC pair above this level and confirm a breakout.”
ETH/BTCLooking at the monthly chart of Credible, he underlined that the pair draws higher lows whenever it is rejected in the critical resistance zone.
“Every month we close this resistance, it has not been broken, but it is only a matter of time before it is broken.”
creditable He also noted that Ethereum is also in an uptrend against the US dollar, which he cites is a positive sign for altcoins.
“Ethereum is known to (usually) lead the altcoin market, which is why when ETH makes big moves to the upside, the same performance is expected from altcoins in general. When we look at the current situation of ETH, you can see that it is looking for a price like other assets that show “very bullish”.
ETH is currently in a price discovery and it looks like it will continue to break its all-time highs. Yes, there can be a pullback. There’s no guarantee that we can advance straight forward, but we will most likely rise.”
Ethereum is currently trading at $4,811.
bitcoin The analyst, who also shared his views on the crypto asset, identified two possible scenarios for the leading crypto asset. According to the analyst, BTC will either break a record at $ 70,000 before a corrective move or continue to rise without a significant pullback.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.