Ethereum is showing significant upward momentum after a prolonged accumulation phase, with the target of $5,000 – the historical peak – getting closer. According to technical analysis, the resistance zone of $4,000–$4,200 is the final short-term barrier before ETH opens up a bullish gap to $4,800–$5,000.
ETH Leads BTC
In the past 30 days, ETH has increased by over 61%, far surpassing BTC's 11% increase. The ETH/BTC pair is approaching the re-accumulation zone – a signal indicating that ETH could lead the upcoming bullish cycle. Some analyses even predict a potential price range of $7,300–$8,700 for ETH in this surge.
Highest Dominance in 5 Years
The dominance rate of ETH has just reached 12% – the highest level since 2020 – and could continue to move towards 14%, according to insights from Rekt Capital. This is an indicator showing that capital is strongly shifting towards altcoins, with ETH at the center.
Is Altcoin Season Approaching?
The Altcoin Season Index currently stands at 47. While it has not yet reached the threshold of 75 to confirm an 'altcoin season', the strong upward momentum of ETH may be the catalyst for this wave to begin soon.
Conclusion
Ethereum is on the verge of a crucial breakout. Surpassing $4,200 could trigger a strong surge up to $5,000 – possibly even higher – as ETH is leading the entire altcoin market. Investors should closely monitor this price range as a signal to initiate a new bullish cycle.