Cryptanalyst Javon Marks recently suggested that the Altcoin season could be imminent and ethereum could be the cause. As part of his analysis, the analyst predicted that ethereum would likely fuel the rally these crypto tokens are expected to record once the Altcoin season begins.
Altcoins will follow ethereum's movement
Brands commented with an x (formerly twitter) x.com/JavonTM1/status/1790467452989473244″ rel=”nofollow” target=”_blank”>mail that one new all-time high (ATH) because ethereum could be of “great service in many Altcoin progressions.” The analyst made this statement while highlighting a bull flag which had formed on the ethereum chart. He claimed that a breakout of that flag could lead to a massive rally for ethereum, which would, in turn, positively affect other Altcoins.
ethereum periodically ethereum/ethereum–crypto-analyst-1900/#:~:text=If%20that%20happens%2C%20Ethereum%20could,its%20current%20price%20of%20%241%2C600.” rel=”nofollow noopener” target=”_blank”>surpasses flagship cryptocurrency, bitcoininspiring other crypto tokens to make significant rallies rather than mirroring bitcoin's price action. The cryptanalyst Michaël van de Poppe indicated that news about the ethereum Spot ETF will likely trigger this move for ethereum and other altcoins.
He also revealed that bitcoin dominance has peaked, meaning the flagship cryptocurrency could cool down while these altcoins enjoy an upward trend. Van de Poppe had bitcoin/narrative-post-bitcoin-halving/” rel=”nofollow noopener” target=”_blank”>previously predicted that the narrative would shift to ethereum and that he expects altcoins to bounce off their bitcoin peers post-halving.
In a more recent x.com/CryptoMichNL/status/1790629434707284219″ rel=”nofollow” target=”_blank”>x publication, the crypto analyst also suggested that a significant rally is coming for ethereum. According to him, the second largest crypto token by market capitalization is currently in the final stage of the correction. “The good times will come in a few weeks,” he added.
These “good times” are also on the way for other altcoins, as Van de Poppe states. x.com/CryptoMichNL/status/1790691091643338866″ rel=”nofollow” target=”_blank”>revealed which is currently seeing a period of consolidation on the Altcoin market cap charts, which is what comes before the “next big push up.”
Altcoin season could still take a while
crypto Analyst Rekt Capital suggested that it could still be a while before the market witnesses Altcoin season. in a x.com/rektcapital/status/1790845377802834411″ rel=”nofollow” target=”_blank”>x publicationstated that “the window for Altcoins hit bottom has just begun,” meaning these crypto tokens are likely to fall even further before experiencing a trend reversal and making parabolic moves to the upside.
In other x.com/rektcapital/status/1790655427220238364″ rel=”nofollow” target=”_blank”>x publication, the analyst again reaffirmed this sentiment, stating that “there is still time before the Q2 Altcoin hype cycle takes off. However, he pointed out that alternative currencies are already preparing for this move, stating that “the very foundations of the next wave of Altcoin protests are being built as we speak.”
Rekt Capital assured that this period of consolidation for altcoins was necessary before they could experience any significant price increase. “Market-wide breakouts cannot occur without the market first experiencing a slowdown consolidation periods,” he claimed.
At the time of writing, ethereum is trading around $3,000, up more than 3% in the last 24 hours according to ethereum/” rel=”nofollow noopener” target=”_blank”>data from CoinMarketCap.
Chart by Tradingview.com
