Ethereum Analysts Predict 114% Gain to $3,200 Amid Altseason Hopes

Ethereum's technical indicators suggest that the cryptocurrency is poised for significant price gains, potentially marking the start of an "altseason" in the coming weeks or months. According to crypto analyst Mikybull, Ethereum's technical setup, analyzed using the Wyckoff method, points to a potential breakout to the $3,200 mark. Mikybull noted that Ethereum has completed its "test" on the Wyckoff reaccumulation schematic, indicating a big rally is incoming.

Another analyst, XForceGlobal, shared a similar bullish outlook for ETH, suggesting that Ethereum is on track to reach new all-time highs this cycle. The recent move to $2,800 was described as "objectively bullish," supported by real-time data. An accompanying chart showed an Elliott Wave analysis projecting a possible breakout to $9,400, with ETH potentially ending around $9,000-$10,000. Several other analysts have made similar projections, targeting $10,000 and above per ETH, citing historical fractals and increased institutional demand.

The Altcoin Season Index, a metric used to measure the performance of non-Bitcoin cryptocurrencies, suggests that now is an opportune time to invest in altcoins. Joao Wedson, founder and CEO of Alphractal, noted that the index is flashing signs of opportunity, indicating that it could be a great chance to accumulate altcoins while they are still lagging. Historically, every time the index rose above 20%, it sharply increased over a short period, topping 80% as "lagging" altcoins started to outperform Bitcoin.

Bitcoin dominance, a metric measuring Bitcoin’s market share relative to the overall crypto market, is another indicator commonly used to signal the start of an altseason. At the time of publication, Bitcoin dominance was at 65.77%, maintaining an uptrend and indicating that it is still "Bitcoin season." Historically, a full-blown altseason begins once Bitcoin dominance hits areas above 70% and then drops significantly. Popular crypto analyst Rekt Capital noted that Bitcoin dominance is 5.5% away from revisiting the 71% level for the first time since January 2021, a move that has historically taken one to two months after a successful retest of 64% as support.

Pseudonymous analyst The Chart Degen suggested that Bitcoin dominance is about to fall over the coming weeks, advising traders to pick the right altcoins to make significant gains over the coming months. This analysis highlights the potential for a shift in market dynamics, with altcoins poised to outperform Bitcoin as the altseason approaches.