The charts for Ethereum are shining brightly, as Kev Capital's cryptocurrency analyst Kevin stated, this is a 'once in a decade' bullish signal convergence—he indicated that these patterns and indicators have never appeared simultaneously in the asset's history. In the video update on August 12, Kevin revisited his prediction for the 'ETH season' in May and detailed why this surge almost perfectly aligned with expectations, while warning that the final technical hurdle still exists.

Ethereum faces its final hurdle

Two months ago, when sentiment towards Ethereum reached its most pessimistic level in years, Kevin issued a warning based on the ETH/USD, ETH dominance, and ETH/BTC monthly charts. "We might be among the first to issue these warning signals for ETH... it's so obvious, so obvious... it's a historic event," he said. Since that warning, ETH has risen over 150%, and related 'testnets' like Chainlink, Uniswap, and Ethereum Classic have also achieved triple-digit percentage growth from their lows.

Kevin explained that the catalyst began with a rare monthly demand candlestick at major support levels—this pattern has typically indicated large-scale rebounds in past cycles. This is due to multiple momentum indicators rebounding from extreme oversold levels.

The monthly stock RSI indicator displays what he describes as an unprecedented 'V-shaped reversal', and the MACD histogram has been tightening since the end of 2019, with whale capital flows retreating from Ethereum's historical lows. "What you are seeing now is the monthly MACD crossover at the peak of this formation... right near the zero axis," he pointed out, believing this is a technical point for sustained breakthroughs.

Regarding ETH's dominance, Kevin pointed out the same multi-indicator trend: RSI and stock RSI are oversold, MACD is about to cross, and prices have touched the same support level from the 2019-2020 cycle. In his view, this bottom marks ETH entering a prolonged bullish phase that will lead altcoins higher. He believes the ETH/BTC chart confirms this timing: "Leading altcoins are pointing the way... the bottom has clearly arrived."

However, Kevin emphasizes that Ethereum has not yet entered the public price discovery phase. The key resistance level remains the previous historical high of around $4,850. "We have not completely escaped the predicament... do not buy into the major historical resistance level from four years ago. This is definitely unwise and will cost you," he warned, pointing out that on the total market capitalization chart of all altcoins except Bitcoin, the $1.71-$1.72 trillion range is the last important 'bottom line'. He believes that until these levels are broken on higher time frames, the market will be in a high-risk, high-reward situation.

The macro environment could turn the tables. Given that the Chicago Mercantile Exchange (CME)'s Federal Reserve Watch (FedWatch) currently predicts over a 90% chance of a rate cut in the U.S. in September, and further cuts expected in October and December, Kevin believes that the combination of loose monetary policy and a breakthrough structural setup creates the 'perfect formula' for altcoins to perform excellently. Even so, he warns that macro shocks could weaken market momentum, and traders should consider pullbacks instead of chasing rallies.

Currently, Kevin is pleased to acknowledge a rare technical trend that he believes has created history. "Months ago, we predicted that ETH would dominate, forecasting that ETH would challenge Bitcoin, and the outcome has been quite nice... I believe there will be a pullback, but overall, we are in the latter half of this bull market," he said. Whether this latter half can explode into price discovery depends on one number: $4,850. Until then, Ethereum's once-in-a-decade bull market signal remains full of energy—but not yet fully unleashed.

As of the time of writing, ETH is trading at $4,624.