It Could Finally Be “Showtime” for Ethereum! Analyst Predict an Altcoin Season Spin-off

The year has turned out to be pretty well for Ethereum. The Cryptocurrency Hit new ATH and surged above on its USD pair. However, it has also seen the struggle, unable to reach even its previous levels on its BTC trading pair.

Now a cryptocurrency trader is of the opinion that things will change and it will surely be “showtime” for Ethereum, outperforming its way in the crypto market.

In the last bull market inning, Ethereum ICO had catapulted its growth to an all-time high of $1400 per token. The ratio of Ethereum to Bitcoin in the last altcoin season was at a commendable high of 0.1

Subsequently, it did face a dramatic 90% fall against the market leader Bitcoin, since then the most prominent altcoin, a pioneer of the DeFi movement has been struggling to get back in the big league.

Now seems to be the time for Ethereum to finally shine. A crypto trader has predicted it by sharing a chart of a breakout from a downward trend resistance on the ETHBTC pair, after a short term Adam and Eve bottoming formation

Altcoin season 2.0 around the corner?

The Adam and Eve bottoms are actually common in cryptocurrencies, bitcoin also did face a short bear market low.

Adam and Eve pattern

Now that the trends have been analyzed, graphs have been examined it is a high possibility that Ethereum will have a strong comeback in the market, better than ever before as a larger adam and even bottom has been in progress for the bear market.

An Adam and Eve bottom is when there is a sharp V-shaped bottom, followed by a rounded bottom pattern.

History has been the witness to the phenomenon of major breakouts emerging to be a big Altcoin season. Hence, the Ethereum market could explode any day from now and could even give bitcoin a hard time.

All this being said Altcoin seasons are also pretty shaky sometimes, they could happen fast and eventually witness a tragic end.

Show More

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Related Articles

Back to top button