‘Ethereum Will Likely Outrun Bitcoin (BTC) This Week’, Analyst Forecasts Next Leg Up for ETH
In recent weeks, Ethereum (ETH) has decisively outperformed both Bitcoin and the broader crypto market. With key resistance levels now surpassed, swing traders have set sights on a run toward the psychological $3,500 mark. And some analysts believe ETH may lead a new altcoin bull market reminiscent of past cycles.
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Funding Metrics Position ETH for Breakout
Veteran macrotrader Mac spots favorable conditions for Ethereum to extend its strong 2024 start. With ETH looking to consolidate constructively above $3,000 support, Mac anticipates upside targets around $3,500 will come into play next. “ETH will likely outrun BTC this week,” said Mac.
Entry Point for Ride to $3,500
Echoing the bullish outlook, analyst Credibull Crypto believes ETH buyers missed an optimal entry and a dip. With ETH trending back above $3,000 already, he now watches for a minor pullback to scoop up exposure for an eventual ride to $3,500.
Credibull expects Bitcoin will follow Ethereum’s charge, bouncing from its own support to reach $60,000 next. With crypto’s market leaders aligned constructively, the tide should lift prices broadly across altcoins as well, in his view.
Altcoin Breakout Mirrors 2016 and 2020
Analyzing altcoin positioning, analyst Moustache notes altcoins cleared multi-year downtrend resistance in their race. With that hurdle now serving as support, the same bullish pattern emerged in past bear market bottoms during 2016 and 2020.
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Show more +Both occasions marked the start of historic altcoin runs – fueled by ETH leading the charge higher. Moustache contends altcoins now sit poised for similar surges after an extended crypto winter thaws.
Sentiment trends still require confirmation before conclusively calling a new bull market. But among crypto’s standout layer 1 blockchain leaders, Ethereum offers a clear barometer on when capital flows turn decisive to the upside.
With so much ecosystem maturation occurring during the lean last few years, the utility base now waits in the wings if traders regain conviction. Ether’s resilience could prove the first domino in sequence – with its own historic boom then igniting altcoins broadly back into vogue.
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