ETH looks ready for an explosive price rally soon.
Analysts notice the ETH price chart is in the same pattern as the 2020 altseason pump.
The price of ETH is preparing to hit a string of new ATH prices of its own.
The price of Ethereum (ETH), the pioneer altcoin asset, has been steadily trading at higher prices since BTC set its latest ATH price at the $123,000 price level. However, the short dip this morning may have stuttered the momentum shortly. Despite the hurdle, ETH looks ready for an explosive rally as the ETH price chart mirrors the same bullish pattern as the 2020 altseason price pump.
ETH Looks Ready for an Explosive Rally
The pioneer altcoin, ETH, finally began to pump this year. Initially, expectations for the ETH price to hit a new ATH were strong for Q1. However, since Bitcoin (BTC) went into a prolonged correction phase for the entirety of Q1, all expectations for a bullish altseason were delayed for later quarters. On the bright side, the correction led to a much healthier market, allowing ETH to bottom at $1,700 and pump to higher targets.
Across Q2, BTC set new ATH prices and this time, the prices of altcoins followed its lead. Most importantll, the price of ETH hit new highs from $2,700 to its latest high in the $3,800 price range. Since then, analysts have been expecting ETH to reclaim the $4,000 price mark and move towards relcaiming the next target set at $4,800 which was where ETH set its previous ATH target last bull cycle.
ETH Mirrors Same Pattern as 2020 Altseason Pump
So far, thanks to a steady pump from ETH, several altcoins have also been steadily pumping, with the most promising assets having gone up between 30% - 70% over the last month or so. Despite all the bullish increases, analysts are certain that altseason has yet to begin, and several altcoins, like ETH, have yet to reclaim their previous ATH targets, let alone set new ATH targets for the ongoing bull cycle.
https://twitter.com/Washigorira/status/1948458292189299178
As we can see from the post above, ETH has been printing another bullish indicator on its price charts. Reputed analysts have already identified multiple bullish patterns on the ETH price chart, including a few bullish golden crosses as well. Most recently, the analyst in the post above highlights that a rare descending broadening wedge is about to complete on the weekly ETH price chart. He concludes that this pattern often precedes explosive breakouts and that the structure looks textbook.
https://twitter.com/galaxyBTC/status/1948476677644058678
Lastly, as the post above confirms, another analyst reports a strong comparison between the current ETH price chart and the price chart of ETH during the 2020 bull pump. In detail, the post states that the ETH price chart looks like it did in 2020 before starting the bull run from $250 to $4,900. If the same surge were to occur, the price of ETH would experience a parabolic bullish increase.
