Ethereum Analyst Sees Altseason Potential As BTS Is Still Outpacing ETH – Time To Buy Altcoins?
08 Novembro 2024 - 6:30PM
NEWSBTC
Ethereum has finally surged after breaking through a critical
resistance level that had kept the price subdued since early
August. This move has shifted market sentiment, as many investors
and analysts previously doubted ETH’s potential in the current
cycle, expecting it to lag behind. However, Ethereum’s recent
strength is starting to reshape these perspectives. Prominent
analyst and investor Ali Martinez recently shared insights
indicating that while Ethereum’s momentum is building, the
much-anticipated “Altseason” hasn’t arrived just yet. Related
Reading: Solana Breaks Above Key Resistance – Top Analyst Sets $300
Target According to Martinez, this stage of the cycle typically
sees Bitcoin outperforming Ethereum and other altcoins—a common
pattern as BTC often leads market rallies. This dynamic could
provide a strategic opportunity for investors looking to enter ETH
and other altcoins before the broader market euphoria begins. As
Ethereum gains traction, market participants are keeping an eye on
further confirmations of its breakout, with many speculating that
once Bitcoin’s lead cools, capital may flow more aggressively into
altcoins. Ethereum Waking Up Ethereum is making a remarkable
comeback, surging over 22% in just two days of strong upward
momentum. While this performance is impressive, key data highlights
that Bitcoin is still leading the market, slightly overshadowing
Ethereum’s gains. For savvy investors, this could present a prime
opportunity to start accumulating Ethereum and select altcoins
before they potentially rally in the next phase of the cycle. Ali
Martinez, a prominent analyst, recently shared a Glassnode chart
revealing insights on the “Bitcoin Altseason Indicator.” This tool
compares net capital flows between Bitcoin and Ethereum, showing
that while Ethereum is on the rise, Bitcoin’s net capital change is
currently outpacing it. This trend confirms that
Altseason—where altcoins outperform Bitcoin—hasn’t begun yet.
Martinez points out that such dynamics are typical for this stage,
with Bitcoin usually leading the initial rally and Ethereum
following shortly after. Related Reading: Bitcoin Indicator Signals
Equilibrium After Trump Victory – A Clear Path To New Highs?
Historically, Altseason often arrives once Bitcoin’s price momentum
stabilizes, as capital flows from Bitcoin into high-potential
altcoins. Many seasoned investors recognize this part of the cycle
as an ideal time to accumulate ETH and strong altcoins at
attractive prices before the broader market shifts its focus. In
the coming weeks, the relationship between BTC and ETH performance
will be closely watched, potentially setting up a shift in market
sentiment and capital distribution. ETH Technical View Ethereum
recently surged past a critical resistance at $2,820, breaking
above the 200-day exponential moving average (EMA) and touching the
200-day moving average (MA) at $2,955. This marks a significant
bullish move, as ETH had been trading below these levels since
early August, and reclaiming these indicators is seen as a positive
signal for further gains. For the bullish momentum to continue, ETH
must break above and sustain itself above the daily MA at $2,955,
solidifying this breakout as a foundation for the next phase of the
uptrend. However, some analysts suggest that a period of
consolidation just below the 200 MA could be beneficial, allowing
ETH to gather strength for a more sustained rally. This pause could
temper the rising euphoria and avoid overextension in the short
term. Related Reading: Ethereum Analyst Shares Correlation With
S&P500 – Last Dip Before It Hits $10,000? As the market
sentiment turns increasingly optimistic, many investors are eyeing
this level closely. Holding above these critical indicators would
give bulls more control, potentially setting Ethereum up for a more
robust recovery as it targets new highs. Featured image from
Dall-E, chart from TradingView
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