Altcoin Season: Ethereum outperforms Bitcoin as declining BTC dominance sirens Altseason ahead
Ethereum strengthens against Bitcoin, signaling a shift in capital toward altcoins.
The Bitcoin Dominance chart risks a downfall with a double top and bearish RSI divergence, signaling altcoins’ chance to shine.
The Altseason Index indicates improved chances as the crypto market cap, excluding Bitcoin, surpasses $1.22 trillion.
Veteran analyst Peter Brandt sees upside in ETH and risk in BTC
Ethereum recording a near 48% rise, outpacing Bitcoin’s 31% at press time on Wednesday. Typically, Ethereum and other altcoins rally while Bitcoin remains relatively stable before or during an altcoin season.
The Moving Average Convergence/Divergence (MACD) indicator flashes a positive crossover with the signal line in the weekly chart. In addition, the Relative Strength Index (RSI) at 46 indicates fading bearish momentum and sufficient room to increase, which supports a bullish move ahead.
