Ethereum’s price has surged dramatically, gaining 50% in just one week due to a large influx of capital, suggesting institutional interest in the cryptocurrency. The surge raises questions about the potential onset of an ‘altseason’.

Technical Analysis Insights

• Current Market Structure: The price breakout might indicate a bullish trend.
• Potential Resistance: The market may meet resistance around $2100, with expectations that a break above MA200 could trigger further altcoin price increases.

“$ETH will hit $5,000 this year.” – Crypto Fella

Analyzing ETH’s Performance

• The ETH/BTC ratio suggests an upcoming altseason, validated by a significant buy candle seen at the start of May. Continued ETF inflows could maintain upward pressure on prices.

Future Outlook

• Traders should monitor retracement levels around $2100 for potential entry points. The recent trading patterns suggest that a move beyond these levels would support a bullish continuation.

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Quick Summary

• Market Gains: Ethereum’s impressive rise
• Current Focus: Watch for breaks above key resistance points
• Overall Sentiment: Bullish projections for Ethereum and related altcoins.