Key Takeaways:
- Ethereum token crosses the $1,900 threshold.
- ETH/BTC sees the largest weekly boost since January 2023.
- It is too early to call for an altseason.
YEREVAN (CoinChapter.com) – Ethereum’s token ETH enjoyed 12% weekly gains, broke the $1,900 resistance, and reached $1,910 in the European session on April 5, year-to-date gains to 60%.
ETH eyes a path to $2,000, charts say
Notably, the Ethereum token traded in a technical pattern dubbed the ‘symmetrical triangle’ from May 2022 to January 2023. The setup entails two converging trendlines with a similar slope. The price action fluctuates between them, retesting the said lines consecutively.
After a break in either direction, the symmetrical triangle forecasts a move equal to the maximal triangle height without specifying the bias. ETH broke the setup’s resistance on Jan 12. Thus, the leading altcoin’s target price would be approximately $2,300 in Q2/2023.
Also read: What is Ethereum Shanghai Upgrade and How Does It Affect ETH Traders.
Meanwhile, the Ethereum token inched its way to the $2,000 resistance, potentially within reach by Sunday, April 9. The daily trading volumes have been declining since mid-March, but several other factors point to a bullish scenario:
ETH/BTC chart prints consecutive green candles
The ETH/BTC chart showed a choppy performance year-to-date. However, the Ethereum coin gained a 7% weekly advantage against Bitcoin, the highest weekly achievement since January.
In retrospect, Bitcoin’s 2023 rally was mainly due to a questionable narrative that projects it as a safe haven against the banking crisis. As a result, BTC outperformed not just Ether but almost all the top-ranking cryptocurrencies amid the collapse of Silvergate, Silicon Valley Bank, Credit Suisse, and others.
Meanwhile, Ethereum’s recent success raised speculation that the altcoin season might be approaching.
Too soon to ring Altseason bells
Generally, altcoin season arrives when 75% of all altcoins outperform Bitcoin over 90 days. On the other hand, if Bitcoin beats more than 25% of all altcoins, the market is witnessing a Bitcoin season.
According to BlockchainCenter.net, a platform tracking crypto ‘seasonality,’ the digital asset market left the Bitcoin season, but it is still early to call for an altseason. The platform’s altseason index stood at 27 out of the possible 100.
Meanwhile, a financial analyst with an extensive following,@tedtalksmacro, asserted that the market is moving towards “phase 2” of the path to altseason. Supposedly, during phase 2, investors would see “Ethereum outperforming Bitcoin, and we hear talks of the flippening.”
Also read: Ethereum Price Stuck In Crucial Range, Here’s What Could Propel It To $2K.
Flippening is the occurrence of Ethereum flipping Bitcoin in market capitalization. As of April 5, the leading cryptocurrencies have a $320 billion gap in market cap, which could be difficult to breach. Moreover, Ethereum’s market dominance reached nearly 20, the largest advance since November 2022.
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