Ethereum ($ETH) is making significant progress, with market onlookers highlighting a potential breakout. As per “Ash Crypto,” a popular crypto analyst, Ethereum ($ETH) is potentially getting ready for an enormous breakout as the altseason is approaching. The analyst asserted that the 2nd-biggest crypto asset may be moving toward a noteworthy rally. To support the claim, the analyst pointed toward the technical statistics. Hence, the analyst deems the ongoing rising momentum around Ethereum as the onset of the altseason.
Ethereum ($ETH) Gears Up for Potential Price Breakout
Ash Crypto asserted that the historical data supports Ethereum’s prospective bull rally. In this respect, the crypto analyst shared a comparison between the present cycle of Ethereum ($ETH) and Bitcoin’s cycle in 2021. Both cycles reportedly display substantial similarity in terms of patterns.
Particularly, in 2021’s Bitcoin cycle, the top crypto asset took up to 1,050 days for its recovery from the blow-off top. Analogously, in the present cycle of Ethereum ($ETH), its pattern also shows a span of 1,050 days before a likely upward trajectory.
Following 1,050 days, Bitcoin touched its latest all-time high price levels following consolidating below a crucial resistance level. Just like that, Ethereum ($ETH) also appears to be gearing up for an upward trajectory to hit an all-time high.
$ETH Price Analysis
At the moment, Ethereum is changing hands at $3,337.75, showing a 0.05% increase over past 24 hours. However, over the past seven days, it experienced a 2.60% dip. Additionally, the 30-day performance of Ethereum ($ETH) displays a 2.41% decrease. Apart from that, its current market cap is $402.12, with 24-hour volume standing at $12.06B, accounting for a 1.13% and 27.60% decline respectively.
Potential Ethereum Rally Could Trigger “Altseason”
According to Ash Crypto, keeping in view the previous consolidations, similar to Bitcoin ($BTC), Ethereum ($ETH) is preparing to see a massive bull run. As a result of a likely Ethereum breakout, the much-anticipated “altseason” would begin. Thus, the market onlookers are keenly watching for the explosive Ethereum rally that could trigger a market-wide altseason.
