Ethereum has recovered and risen above $4,000 after the slight correction that took place in the last 48 hours, but the journey is just starting.
Crypto analyst Michaël van de Poppe said on 15 October that the biggest altcoin is in a “magnificent” setup that suggests a strong bullish move in the coming weeks.
New all-time high spotted
Apart from the setup which suggests a bullish breakout to higher prices, Poppe also sees a new all-time high on the horizon after such a breakout, although he did not give any price target.
The coin dropped slightly below $3,800 and then bounced strongly and quickly back to $4,300 before slowing down.
Currently trading at $4,110, Ethereum has recorded a huge trading volume supporting the bounce from under $3,800, which is a key requirement for sustained upside.
If this setup successfully plays out, some analysts have predicted that Ethereum could hit $10,000 in this bull cycle.
Similarly, it has been in a descending wedge out of which another analyst says it’s about to break out to the upside.
It means the second largest digital asset is outperforming Bitcoin and is about to break out not just against the U.S. dollar but also against the biggest cryptocurrency.
Altcoin season brewing
If Ethereum breaks out against Bitcoin, the game isn’t only in favor of just one altcoin but all the altcoins.
This is because altcoin season has always depended upon Ethereum outperforming Bitcoin. Once this is accomplished, altcoins will be ushered into their rally as another analyst has confirmed.
This will be the main rally that altcoin investors have been waiting for and as this analyst says, good altcoins will do 10x to 50x when the cycle begins. The only question right now is when the rally will start.
What do you think?
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