The price of Ethereum is once again surging, seemingly poised to reach new peaks. Renowned crypto analyst Doctor Profit has noted that the altcoin has successfully breached a significant moving average (MA) after weeks of unsuccessful attempts. Additionally, Ethereum’s market influence appears to be growing.
Doctor Profit noted in a recent post that the Ethereum price has finally broken through the 50EMA on the weekly chart after nine consecutive weeks of rejection. This breakthrough, he suggests, is a positive indication that Ethereum will likely hit more ambitious targets in the weeks to come. The leap beyond the 2,600 EMA50 level coincided with a broad market rally.
Bitcoin has spearheaded this rally, reaching new record highs. Consequently, it is predicted that Ethereum will follow suit, with its annual high of $3,600 now within sights. If Ethereum manages to reclaim this level, it could potentially set the stage for reaching the psychologically significant $4,000 mark.
Crypto analyst Rekt Capital drew attention to Ethereum’s increasing market dominance. He remarked that Ethereum’s current dominance pattern will not mirror the events of 2019 and 2020, but the recent rise to a 10% dominance level suggests Ethereum’s intention to claim a larger share of the market in the coming months.
BitMEX co-founder Arthur Hayes also expressed his expectation for Ethereum to make its move. In a recent post, he projected that Ethereum could soar as high as $10,000 during this uptrend. He made this prediction while showcasing Ethereum’s chart against Bitcoin, indicating his agreement that Ethereum’s market dominance is set to increase.
According to crypto analyst Mikybull Crypto, Ethereum’s movement will be the catalyst for the upcoming altcoin season. He mentioned that Ethereum is adhering to the Wyckoff re-accumulation schematic, and its push towards the $3,000 “SOS” level will trigger substantial activity amongst altcoins. His chart also shows his expectation for Ethereum to reach as high as $3,200 in the short term.
Mikybull Crypto has also hinted at a potential altcoin season due to Bitcoin’s dominance declining even as its price rises. This development suggests a bullish outlook for Ethereum and other altcoins, which are predicted to outperform Bitcoin during this period. As per Mikybull Crypto’s prediction, Ethereum could hit the $10,000 mark in this market cycle.
As of now, Ethereum is trading approximately at $2,988, a rise of over 7% according to data from CoinMarketCap.
