The Ethereum price is once again gaining momentum and looks set to reach new highs. Crypto analyst Doctor Profit commented on how the altcoin has broken through a crucial moving average (MA). Meanwhile, ETH’s dominance is again on the rise.
Ethereum Price Breaks 50EMA On Weekly Chart
In an X post, Doctor Profit stated that after 9 weeks of constant rejection at the EMA50 on the weekly chart, the Ethereum price has finally broken through. He claimed that it was a very good sign, as it suggests that ETH will reach higher targets in the coming weeks. The break above the 2,600 EMA50 level came as the broader crypto market rallied.
Related Reading
This rally has been led by the Bitcoin price, which has reached new all-time highs (ATHs). Based on this, the Ethereum price is expected to also reach new highs, with the yearly high of $3,600 already in sight. A reclaim of this level could also pave the way for ETH to reclaim the psychological $4,000 level.
Meanwhile, crypto analyst Rekt Capital alluded to the rising dominance of the Ethereum price. He noted that this ETH dominance fractal will not be a copy-paste version of what happened between 2019 and 2020. However, the analyst claimed that the recent rise to 10% of the dominance level shows that Ethereum wants to become more market-dominant in the coming months.
BitMEX co-founder Arthur Hayes also believes that it is time for the Ethereum price to make its move. In an X post, he predicted that the altcoin could reach as high as $10,000 on this upward trend. He made this prediction while highlighting ETH’s chart against its BTC pair, suggesting that he also agrees that Ethereum’s dominance will rise in the coming months.
ETH’s Move To Trigger Altcoin Season
In an X post, crypto analyst Mikybull Crypto stated that the Ethereum price is following the Wyckoff re-accumulation schematic. He further remarked that this massive move will trigger altcoin season after ETH reaches the “SOS” level around $3,000. His accompanying chart also showed that he expects Ethereum to reach as high as $3,200 in the short term.
Related Reading
In another X post, Mikybull Crypto alluded to the fact that Bitcoin’s dominance was dumping even as the BTC price rises. The analyst remarked that this development means something, hinting at a potential altcoin season on the horizon. This is bullish for the Ethereum price and other altcoins as they would outperform BTC during this period. It is worth mentioning that Mikybull Crypto has also predicted that ETH can reach $10,000 in this market cycle.
At the time of writing, the Ethereum price is trading at around $2,988, up over 7% according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
Credit: Source link
