Ethereum course indicates $ 10,000-does the “AltSeason” really start?
The technical setup from Ethereum (ETH) indicates that the old coin is ready for strong price gains that could even mark the beginning of an “old season” in the next few weeks or months.
Ethereum course could climb to $ 10,000
According to the crypto analyst Mikybull, the technical analysis according to the Wyckoff method indicates a possible outbreak for the Ethereum course over the $ 3,200 brand.
“Ethereum is complete the 'test' in the Wycoff model”, wrote The analyst in a post from June 26 on X and added:
“We are facing a big upswing.”
His colleague Xforceglobal divided a similarly optimistic outlook for ETH and pointed out that Ethereum would “shoot” at all -time highs in this cycle.
The recent increase to $ 2,800 was “objectively bullish” and was supported by the real-time data, according to the analyst in one Contribution From Thursday to X.
An attached graphic shows an Elliott wave analysis that promises a possible outbreak to $ 9,400.
“ETH is still looking for new record heights in this cycle and should climb about $ 9,000 to $ 10,000, more or less.”
Several analysts have made similar forecasts and strive for $ 10,000 and more for ETH. They rely on historical fractals, increased institutional demand via Ethereum ETFs and other factors.
Old season is imminent
The Altcoin Season Index, a key figure for measuring the performance of non-Bitcoin cryptocurrencies (ie altcoins) on the cryptoma market, suggests that now is the right time for an introduction to old coins.
“The Altcoin Season Index shows signs of a purchase opportunity,” said Joao Wedson, founder and CEO of Alphractal, in a post on X on Thursday and added In addition: “Make sure you are prepared.”
Bitcoin has developed better in the last 60 days than old coins, with the Altcoin Season Index in the green area below 20 %.
However, Wedson explained that this was “not necessarily bad”: “It could be a great chance to accumulate old coins as long as they are still there.”
The diagram below shows that the index increased strongly every time it rose within a short time and exceeded 80 % when the “recording” old coins began to surpass Bitcoin.
In this respect, Wedson explained:
“The story shows that these cycles are repeated – a reaction could follow soon.”
When does it start?
The Bitcoin dominance-a key figure that measures the market share of Bitcoin in relation to the entire crypto market-is one of the indicators that are usually used to display whether the old season has started. The key figure can provide traders about the general mood and willingness to take risks on the market.
At the time of publication, BTC dominance is 65.77 % and maintains its upward trend, which means that it is still “Bitcoin season”.
Historically, there is always a “full-grown old season” when the Bitcoin dominance reaches areas of over 70 % and then drops significantly, as from Mikybull Crypto emphasized became.
“From this point on, a real old season will probably start.”
The popular crypto analyst Rekt Capital emphasizedThe fact that the BTC dominance is 5.5 % away from reaching the 71 % mark for the first time since January 2021, a movement that historically lasts one or two months, “after the 64 % has been successfully tested as support.”
“Bitcoin dominance will fall in the coming weeks” said The pseudonymous analyst The Chart Degen in a contribution from June 27 to X and added hopefully:
“Select the right old coins and earn a lot of money in the coming months.”
