It may finally be the Ethereum season, as a multi-week consolidation breakout points to a rally to price levels last seen in December 2024.
For context, Ethereum, the second-largest cryptocurrency by market capitalization, is slowly rediscovering its former glory. With Bitcoin consolidating after its recent surge to an all-time high, ETH is now taking the lead.
Ethereum is up 5.25% in the past 24 hours, while BTC has increased barely 1%. Furthermore, Ether is the best-performing cryptocurrency in the top 10 rankings by market cap and the second in the top 15, as capital appears to be shifting towards the altcoin leader.
Nonetheless, Ethereum broke out from the resistance on July 10 when it finally reclaimed $3,000. It has since impeccably sustained the momentum and trend above the resistance and van de Poppe has predicted further upside.
The market analyst noted that the momentum that Ethereum built after multiple resistance tests would propel its price to its next target. Specifically, he highlighted that ETH is on its path to $4,000.
From the current price of $3,177, a rally to $4,000 will entail a 26% surge. Remarkably, this rally would see it finally break above its January 1 opening price of $3,332 and push prices closer to its all-time high of $4,891 attained in November 2021.
Ethereum Corrections Are Buy Opportunities
Meanwhile, van de Poppe claimed in the tweet that every dip from here on is a buy opportunity, as Ethereum is poised for higher prices. An accompanying chart suggests that the altcoin leader might retest its resistance zone before its rally to $4,000.
Ethereum Analysis | Michael van de Poppe
Nonetheless, he advised dollar-cost averaging, expressing confidence that Ethereum would definitely rebound to its next target. Notably, the analyst has been bullish on Ether, predicting an uptrend even at sub-$3,000.
Altcoins Now The Next Play
In a parallel tweet, van de Poppe highlighted that Ethereum has gained further against Bitcoin, an indication that the next phase of the market might be kicking in. Notably, he suggested a shift towards altcoins, suggesting that they are the next play for the coming bullish phase.
According to the analyst, altcoins typically follow the trend of their leader, Ethereum, and may soon start an explosive price action. This hints at an imminent alt season, a phase that the market has long anticipated.
