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. Crypto analyst BATMAN has revealed that Ethereum is primed to make a parabolic run to a new all-time high (ATH) of $5,000. The analyst also mentioned the first resistance that ETH needs to break to reach this psychological level. Ethereum Ready To Break Out And Reach $5,000
In an X post, BATMAN noted that Ethereum is ready to break out of a massive consolidationand rally towards $5,000. He stated that the first resistance is between $4,000 and $4,200. Once that is done, there is no resistance until between $4,800 and $5,000, which could spark this rally to the $5,000 psychological level. Related Reading Ethereum Is About To Breakout Of Massive Consolidation Toward $5,000 11 hours ago
The analyst declared that Ethereum is still in bullish territory and outperforming Bitcoin. As such, he believes any dips from here could be strong buy zones. Indeed, ETH is currently outperforming BTC. The former is up over 61% in the last 30 days while the latter is up just 11% during this period. Source: Crypto Batman on X
It is also worth noting that Ethereum is already looking to reclaim the first resistance between $4,000 and $4,200. The largest altcoin by market just recently broke above $3,900 and is now looking to touch $4,000 for the first time since November last year. Crypto analyst Titan of Cryptoalso indicated that a parabolic move may be on the horizon for ETH.
In an X post, he stated that the ETH/BTC chart is heading to the reload zone, which could spark a massive breakout for Ethereum. His accompanying chart showed that the altcoin could rally to between $7,300 and $8,700 on this move. This suggests that a rally to $5,000, as predicted by BATMAN, is unlikely to signal the top for ETH in this market cycle. ETH Dominance Also On The Rise
In an X post, crypto analyst Rekt Capital revealed that Ethereum’s dominance is on the rise, increasing to around 12% for the first time in five years. He noted that the last time the ETH dominancereached 12% was exactly five years ago, in July 2020. With this latest increase, Rekt Capital stated that the altcoin’s dominance is now looking to reach as high as 14%. Related Reading This Ethereum Descending Broadening Wedge Pattern Looks Similar To 2019-2020, Here’s What Happened Last Time 4 days ago
This development is significant as it could usher in altcoin season, led by Ethereum. Blockchain Center datashows that the altcoin season index has surged recently to 47, although it still needs to touch 75 for it to be considered altcoin season. Crypto analyst Mikybull Crypto believesthis should happen soon, especially with a golden cross forming on the ETH/BTC chart.
At the time of writing, the Ethereum price is trading at around $3,900, up over 3% in the last 24 hours, according to datafrom CoinMarketCap. ETH trading at $3,885 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com