ETH Price Trends Point Towards Alt Season
Understanding the recent movements in the ETH USD price chart as traders anticipate a potential alt season.
ETH Price Trends Point Towards Alt Season
Join us as we analyze the price movements of ETH USD and delve into insights based on historical trends.
Traders are buzzing on X, showcasing their charts and positioning themselves for what lies ahead. Following substantial net inflows into ETH exchange-traded funds (ETFs) that approached nearly $1 billion, the supply of stablecoins on Ethereum saw an overnight increase of $150 million.
“$ETH is about to melt faces 👀”
— Quinten | 048.eth
Many market indicators appear optimistic, leading analysts to question whether the previous momentum can be sustained.
Indeed, we’ve witnessed a steady uptrend for the past two months! For additional context, revisit my previous article from May 26 as you navigate this analysis.
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ETH Price Movement Analysis: Is Ether About to Go Parabolic?
The weekly ETHUSD price chart reveals that Ethereum has yet to establish a new all-time high (ATH). After Bitcoin achieved this milestone in March 2024, an upward break above the previous high from 2021 has been long awaited and may soon transpire.
The recent chart highlights a fall below $2500, testing the support level established in 2023 and indicating a significant recovery above the MA200 moving average—often indicative of high demand. The prior drop corresponds with an RSI low not seen since May 2022.
The daily chart indicates a bounce from 2023 support, reinstating a bullish position within the RSI indicator while overcoming bearish market structures. The price has been stable around the MA200 level for approximately a month and is now consolidating for another potential upward movement.
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As we shift to the four-hour timeframe, often utilized for multi-day trading due to reduced market noise, the price trend shows respect for the moving averages. The recent days have involved retesting the MA200, proving to be a favorable entry point as the price initiates a new upward trajectory.
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Key Points
- Market structure remains bullish
- RSI has reset on the daily timeframe
- Price is currently breaking above the MA200 on the daily
- Continued upward movement is needed for full alt season validation.
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