Key Points
- Ethereum’s performance surpasses Bitcoin’s as a significant whale moves 5000 ETH.
- ETH liquidations are slowing down as ETF flow stabilizes, indicating a potential bullish recovery.
Ethereum (ETH) experienced a 6.9% surge over the last 24 hours, significantly outperforming Bitcoin’s (BTC) 1% gain.
This sharp increase points to a revival of confidence in the crypto market following a challenging week.
Altcoin Season on the Horizon?
This superior performance leads to speculation about the start of an altcoin season, with traders and investors possibly shifting their focus to alternative cryptocurrencies.
Ethereum’s recent outperformance was further highlighted when a notable ICO whale moved another 5,000 ETH ($13.2M) to OKX just before the price drop.
The whale has deposited 48,501 ETH ($154M) since July 8th, and still holds 303.5K ETH ($744M) across two wallets.
This could potentially signal the beginning of an altcoin season.
ETH Liquidations and ETF Flow
Despite Ethereum’s price drop sparking bearish concerns, large liquidations suggest the futures market might be stabilizing.
With ETF flows stabilizing, a bullish recovery could be on the horizon.
Increased demand for ETH might spark renewed interest, leading to a prolonged rally.
The market’s response in the upcoming days will be crucial in determining the trend’s direction.
Ethereum’s outlook seems to be improving as ETF flows stabilize and leveraged traders exit the market.
On-chain metrics are showing positive signs, suggesting the worst may be over.
These indicators point to a potential price increase in the coming weeks, signaling a possible bullish trend for ETH.
Ethereum’s current price movement has created a CME gap.
Markets often close such gaps, and ETH is likely to rise to fill it.
This upward momentum could indicate the beginning of an altcoin season, suggesting a favorable trend for Ethereum and other altcoins in the near future.
During the 2020-21 bull run, Ethereum broke out, consolidated, and then rallied.
The same pattern is likely to repeat for the 2024-25 altcoin season.
A breakout is expected in November/December 2024, with a strong upward trend starting in Q1 2025.
These signals further suggest Ethereum and altcoins might be gearing up for another bull run.
