Ethereum is outperforming Bitcoin regarding open interest growth, sparking speculation about the imminent arrival of an altcoin season. This trend indicates a shifting focus among investors, potentially favouring Ethereum and other altcoins over the traditionally dominant Bitcoin.
Key Technical Levels for Ethereum
According to Rekt Capital, a well-known analytics firm, Ethereum is at a pivotal point. The cryptocurrency must close the week above $3,956 to surpass the $4,000 mark. Currently, Ethereum is showing a pattern of forming a lower high, which could influence its short-term price trajectory.
The ongoing consolidation of Ethereum’s price within the current range raises investor hopes for an early onset of the altcoin season. Should Ethereum maintain its momentum and break crucial resistance levels, it could catalyse a broader rally among altcoins, diverting attention and capital away from Bitcoin.
