$ETH has confirmed the top of its bullish ascending triangle and is now headed skyward, with the hopes of the whole altcoin market behind it.
This bull market has been about bitcoin in the main, as well as a few of the more technically proficient of the altcoins. Even on Monday, bitcoin is simply raging having just broken $42,000, and most of the investor money is on this rocket ship.
Ethereum beginning a run?
However, another train has quietly departed from the station with much less hullabaloo than for bitcoin, and this is ethereum (ETH). Some would say it’s really about time, given that $ETH has played a rather lowly second fiddle to $BTC throughout the entirety of this year.
Source: Trading View
Be that as it may, $ETH looks to have definitively broken upwards from an ascending triangle that has been 18 months in the making. This is extremely bullish and it might be expected that the $ETH price could really start to motor now.
Source: Trading View
Looking at $ETH from another perspective, it can be seen that the price is also in an up-sloping channel. If the price reaches the top of this channel $ETH could be in the $2,500 to $2,600 range. Breaking the top of this channel would be extremely bullish, given that up-sloping channels would normally break to the downside.
A strong $ETH is good for altcoins
Source: BlockchainCentre.net
If $ETH does manage to keep its current new-found momentum, and it starts to turn the tide with its bitcoin pairing, this is likely to spur on the altcoins. A proper ‘altcoin season’ hasn’t been seen since the last bull market of 2021, and although it could still be some way off, this could be a real present for altcoin investors.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
