Ethereum Price Breaks Through 50EMA After Rejection, ETH Dominance Sees Resurgence

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. The Ethereum price is once again gaining momentum and looks set to reach new highs. Crypto analyst Doctor Profit commented on how the altcoin has broken through a crucial moving average (MA). Meanwhile, ETH’s dominanceis again on the rise.  Ethereum Price Breaks 50EMA On Weekly Chart

In an X post, Doctor Profit stated that after 9 weeks of constant rejection at the EMA50 on the weekly chart, the Ethereum price has finally broken through. He claimed that it was a very good sign, as it suggests that ETH will reach higher targets in the coming weeks. The break above the 2,600 EMA50 level came as the broader crypto market rallied.  Related Reading Ethereum Is Already Outperforming Bitcoin In July, Is Altcoin Season Here? 2 days ago

This rally has been led by the Bitcoin price, which has reached new all-time highs (ATHs). Based on this, the Ethereum priceis expected to also reach new highs, with the yearly high of $3,600 already in sight. A reclaim of this level could also pave the way for ETH to reclaim the psychological $4,000 level.  Source: Doctor Profit on X

Meanwhile, crypto analyst Rekt Capital alludedto the rising dominance of the Ethereum price. He noted that this ETH dominance fractal will not be a copy-paste version of what happened between 2019 and 2020. However, the analyst claimed that the recent rise to 10% of the dominance levelshows that Ethereum wants to become more market-dominant in the coming months. 

BitMEX co-founder Arthur Hayes also believes that it is time for the Ethereum price to make its move. In an X post, he predicted that the altcoin could reach as high as $10,000 on this upward trend. He made this prediction while highlighting ETH’s chart against its BTC pair, suggesting that he also agrees that Ethereum’s dominancewill rise in the coming months.  ETH’s Move To Trigger Altcoin Season

In an X post, crypto analyst Mikybull Crypto stated that the Ethereum price is following the Wyckoff re-accumulation schematic. He further remarked that this massive move will trigger altcoin seasonafter ETH reaches the “SOS” level around $3,000. His accompanying chart also showed that he expects Ethereum to reach as high as $3,200 in the short term.  Related Reading Ethereum Price Targets $3,000 As Analyst Calls It A ‘Powder Keg’ 1 week ago

In another X post, Mikybull Crypto alluded to the fact that Bitcoin’s dominancewas dumping even as the BTC price rises. The analyst remarked that this development means something, hinting at a potential altcoin season on the horizon. This is bullish for the Ethereum price and other altcoins as they would outperform BTC during this period. It is worth mentioning that Mikybull Crypto has also predictedthat ETH can reach $10,000 in this market cycle.

At the time of writing, the Ethereum price is trading at around $2,988, up over 7% according to datafrom CoinMarketCap. ETH trading at $3,000 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com