Ethereum (ETH) against Bitcoin (BTC) Analysis Signals Impending “Biggest Altseason Since 2017”
El_crypto_prof, a cryptocurrency analyst, has shared an intriguing chart analysis that suggests the altcoin market could be on the verge of a significant bull run, potentially the “biggest altseason since 2017.” The analysis focuses on the relationship between Ethereum (ETH) and Bitcoin (BTC), a widely watched metric in the crypto space.
What you'll learn 👉
Falling Wedge Pattern Emerges
In the chart, el_crypto_prof highlights a falling wedge pattern forming in the ETH/BTC pair. A falling wedge is a bullish technical pattern that begins wide at the top and contracts as prices move lower. Significantly, the analyst notes that the price has reached the lower trendline of the wedge, indicating a potential breakout could be imminent.
The chart is divided into two main time periods: 2015-2018 and 2018-2024. Both periods begin with an “Accumulation” phase, where the market appears to be at a low point, suggesting that investors are buying into the market while prices are low and stable. Subsequently, there is a “Re-Accumulation” phase, which could imply a period where investors who missed the first accumulation phase are getting into the market before the next price increase.
Bullish Signals and Market Maturity
Notably, the second period (2018-2024) displays more volatility and smaller cycles of ups and downs within a descending channel. However, the overall trend maintains higher lows compared to the initial accumulation phase. El_crypto_prof interprets this as a sign of a more mature market that is growing at a steadier pace.
While the chart specifically examines the ETH/BTC pair, the analyst’s comments suggest a broader implication for the altcoin market as a whole. El_crypto_prof states, “Biggest Altseason since 2017 is ahead of us imo. All you need? Patience.”
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Cautious Optimism and Market Volatility
El_crypto_prof acknowledges the possibility of a “fakeout,” but remains optimistic about the overall outlook. Various factors, including news events, regulatory changes, and investor sentiment, can influence price movements in the highly speculative and unpredictable cryptocurrency markets.
Hunting for a small cap coin that could explode 10x? We’ve unveiled a few last week alone.
Get all our future calls by joining our FREE Telegram community.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
