Key takeaways:
- Ether’s technical breakouts suggest ETH price may hit $10,000 this cycle.
- Altcoin Season Index says it’s prime time to accumulate “lagging” altcoins.
- Bitcoin dominance nearing 70% could trigger a full-blown altseason soon.
Ether’s ETHUSD technical setup suggests that the altcoin is poised for sharp price gains that could mark the start of an “altseason” over the next few weeks or months.
ETH price could top $10,000 this cycle – Analyst
Technical analysis using the Wyckoff method points to a potential Ethereum price breakout to the $3,200 mark, according to crypto analyst Mikybull.
“Ethereum is done with ‘test’ on Wycoff reaccumulation schematic,” the analyst wrote in a June 26 post on X, adding:
“Big rally incoming.”
Fellow XForceGlobal shared a similar bullish outlook for ETH, pointing out that Ethereum was “looking to shoot” to all-time highs this cycle.
The recent move to $2,800 was “objectively bullish,” backed with real-time data, the analyst said in a Thursday post on X.
An accompanying chart showed an Elliott Wave analysis projecting a possible breakout to $9,400.
“ETH is still looking to shoot for new ATHs this cycle and should end around $9,000-$10,000, give or take.”
Several analysts have made similar projections, targeting $10,000 and above per ETH, citing historical fractals, increased institutional demand via Ethereum ETFs, and other factors.
Prepare for altseason: Analyst
The Altcoin Season Index, a metric used to measure the performance of non-Bitcoin cryptocurrencies (ie, altcoins) in the cryptocurrency market, suggests now is the time to get into altcoins.
“The Altcoin Season Index is flashing signs of opportunity,” founder and CEO of Alphractal, Joao Wedson, said in a June 26 post on X, adding, “Make sure you are prepared.”
Bitcoin has outperformed altcoins over the last 60 days, with the altcoin season index in the green zone below 20%.
Wedson explained that this is not “necessarily bad,” arguing that “it could be a great chance to accumulate altcoins while they’re still lagging.”
The chart below shows that every time the index rose above 20%, it rose sharply over a short time, topping 80% as “lagging” altcoins started to outperform Bitcoin.
Wedson said:
“History shows these cycles repeat — a reaction may be coming soon.”
”Wen altseason?”
Bitcoin dominance—a metric measuring Bitcoin’s market share relative to the overall crypto market—is one of the indicators commonly used to indicate whether the altseason has begun. It can provide traders with the overall investor sentiment and risk appetite in the market.
At the time of publication, BTC dominance is at 65.77% maintaining the uptrend, indicating that it is still “Bitcoin season.”
Historically, a “full-blown altseason” comes once Bitcoin dominance hits areas above 70% and then drops significantly, as highlighted by Mikybull Crypto.
“A full-blown altseason probably begins from this point.”
Popular crypto analyst Rekt Capital says BTC dominance is 5.5% away from revisiting the 71% level for the first time since January 2021, a move that has historically taken one to two months “after a successful retest of 64% as support.”
“Bitcoin dominance about to fall over the coming weeks,” said pseudonymous analyst The Chart Degen in a June 27 post on X, adding:
“Pick the right altcoins and make a disgusting amount of money over the coming months.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.