Ethereum (ETH), the largest web3 ecosystem with a total value locked (TVL) of nearly $30 billion and a stablecoin market cap of approximately $69 billion, has garnered significant investor interest amid the notable Bitcoin (BTC) rally. I dragged it. However, this altcoin leader has consolidated between $2,150 and $2,400 since breaking out of its macro ascending triangle in the fourth quarter of 2023. Having accumulated significant buyers in this range, the price of Ethereum is in the final countdown to an imminent breakout.
Ethereum Under Spot BTC ETF Frenzy
The Ethereum network has seen increased on-chain activity over the past few months due to increased demand from institutional investors and retail traders. ETH also provides liquidity to over 50% of the entire altcoin industry, including top meme coins like Shiba Inu.
According to CrediBull Crypto, a well-known cryptocurrency analyst on the
ETH price analysis
Ethereum’s weekly relative strength index (RSI) recently attempted to rally above the 70 level, but was unsuccessful. The top altcoin will need to turn the resistance level around $2,400 into support and close above it consistently over the coming weeks to secure a rally above $3,000. According to the Weekly Automatic Fib Retracement, the next Ethereum price target is $2,500 and then around $3,150.
Meanwhile, the ETH/BTC weekly chart depicts a possible reversal in the near term, which could further signal the start of the long-awaited alt season.