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Steve Muchoki
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Key Notes
- Ethereum dominance has been bleeding to Bitcoin in the past three years, but the trend could soon reverse.
- The chances of another altcoin correction in the short term before the highly anticipated parabolic rally remain high.
As Bitcoin BTC $96 008 24h volatility: 0.3% Market cap: $1.90 T Vol. 24h: $86.26 B price retraced below $70k after facing immense resistance around its all-time high, Ethereum ETH $3 623 24h volatility: 0.4% Market cap: $436.43 B Vol. 24h: $39.20 B price continued with a short-term bearish outlook. The top-tier altcoin, with a market cap of over $296 billion and a daily average traded volume of around $14.5 billion, closed last week in an inverted hammer.
As a result, Ether’s price retested a crucial support level above $2,400, which could form a basis for the next major bull run. According to a popular crypto analyst, Ali Martinez, Ether’s price is now well positioned to rally towards a new all-time high (ATH), with a target of about $6K in the coming months.
The crypto analyst highlighted in an X post that Ether price has been forming a rising trend since early 2023. From a technical analysis point of view, Ether’s price has respected a rising logarithmic trend, thus favoring an imminent bullish breakout ahead.
Most importantly, Ether’s price has been consolidating in a symmetrical triangular pattern, which often ends in a bullish breakout, since the August 5 crypto crash. The bullish narrative for Ethereum price will be invalidated if the altcoin consistently closes below the support range between $2,150 and $2,293.
The risk-to-reward ratio on #Ethereum $ETH is too good to pass up for a long position! I’ve set my stop below $1,880 and am aiming for a target of $6,000. pic.twitter.com/0ZjmGAjq2p
— Ali (@ali_charts) November 4, 2024
Timing for Ethereum Price Breakout and Anticipated Altseason
For the past few years, the Ethereum market has continued to bleed to Bitcoin, as denoted by the rising dominance of BTC. According to the latest market data, Bitcoin’s dominance in the crypto market has risen to about 60 percent while Ethereum’s has dropped to about 13.19 percent in the same period.
As a result, the ETH/BTC pair has been trapped in a multi-year falling trend, despite the weekly Relative Strength Index (RSI) hovering in the oversold area. According to a well-known crypto analyst Benjamin Cowen, the chances of another altcoin correction in the coming weeks before a bullish rebound in early 2025 have significantly increased.
I warned that #OTHERS / #BTC would sweep the lows, rally to the BMSB then get rejected and put in new cycle lows.
This is now playing out, while those that promote memecoin garbage will pretend like this is not happening.
Don't lose all your money chasing garbage memecoins, the… pic.twitter.com/bWZHo09jrP
— Benjamin Cowen (@intocryptoverse) November 3, 2024
The crypto analyst highlighted that the Bitcoin market will continue to gain ground over the altcoin space in the near term before a reversal in the first half of 2025. Precisely, the crypto analyst has set a target range of between $1,000 and $1,400 for Ether in November and December before a spike beyond $6K in 2025.
Market Picture
The demand for Ethereum and most altcoins remains relatively low amid the short-term market uncertainties. The US spot Ether ETF issuers reported a net cash inflow of around $13 million last week, while Bitcoin’s ETFs registered over $2.2 billion in the past seven days.
The Ethereum ecosystem has faced intense competition from other layer-one networks, led by Solana SOL $235.4 24h volatility: 4.6% Market cap: $111.80 B Vol. 24h: $8.86 B . Nonetheless, the Ethereum network remains the undisputed web3 leader, with over $45 billion in total value locked (TVL) and around $84 billion in stablecoins market cap.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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