Ethereum breaks a multi-year downward parabola vs Bitcoin — bullish reversal?
With a startling 37% rise, Ethereum is breaking out with vigor, smashing opposition at $1,850 and rising to a high of $2, 490 in only a few hours. Following months of indecisive price movement and gloomy attitude, ETH has lately taken the stage with positive momentum, inspiring optimism for the much-awaited altseason all throughout the crypto market.
Not just for Ethereum but for the whole cryptocurrency scene as ETH gets momentum and the ETH/BTC ratio starts to change, market attitude is becoming very optimistic. The breakthrough could have just begun something much more grand.
ETH is presently steadying as bulls find support close to the $2,500 mark after an incredible run that drove Ethereum over major resistance at $1,850 and up to a high of $2,490. This level has rapidly become a significant demand zone; its defense over the weekend will decide whether Ethereum keeps its momentum or slows down for consolidation. The focus now is on altcoins as Bitcoin hangs around its all-time high; Ethereum is leading the drive.
ETH seems to be building a solid bullish pattern for the first time in years after months of unrelenting selling pressure and negative attitude. As both technicals and fundamentals start to line up, the current price increase represents a major change in market tone. Especially, Francois noted that the long-term ETH/BTC declining parabola in existence since December 2021 is now breaking—an occurrence usually preceding significant cryptocurrency rallies.
Ethereum's forthcoming Pectra update—which seeks to increase efficiency, maximize staking infrastructure, and simplify network upgrades—adds to the positive story.
Should Ethereum maintain its ground at the $2,500 level and Bitcoin keeps stabilizing close to its highs, the environment is ready for Ethereum to start a new positive phase. Over the weekend, traders will be attentively observing ETH performance as consistent growth might indicate the start of a strong altseason.
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