ETH has been leading the crypto market and is now approaching its all-time high — a classic sign that altseason may be on the horizon, typically occurring in the final quarter of a bull run. How far can ETH go? Let’s find out together.
7 Days Heatmap
While ETH has surged over 18% and is approaching its all-time high, BTC has remained stable, trading within a tight range — a typical phase of altcoin season.
BTC Analysis
As per our latest BTC update, it finally broke above the correction phase marked in red, thus we are now expecting the next big impulse to start leading to a new all-time high.
As long as the red structure at $109,500 holds and BTC remains within the rising orange channel, the overall bias for the crypto market will stay bullish.
ETH Analysis
As per our latest market outlook, ETH has been bullish trading within the steep rising channel marked in red.
As long as the bulls hold, we are expecting a new all-time high for ETH in the upcoming week leading to our first target at $6,000.
In parallel, if the last low at $4,440 is broken to the downside, a bearish correction toward the $4,000 round number would be expected.
In such a scenario, we will be looking for new long-term trend-following entries to capture the next big impulse movement.
Quote of the week
I know where I’m getting out before I get in.
~ Bruce Kovner
Closing Remarks
In summary, ETH’s strong rally toward its all-time high, coupled with BTC’s consolidation, signals a potential altcoin season.
BTC’s breakout above its correction phase keeps the broader market bias bullish as long as $109,500 holds.
ETH remains in a steep rising channel, targeting $6,000 in the short term, with $4,440 as the key support. A break below this level could trigger a correction toward $4,000 before the next bullish impulse.
