Ethereum Surges 42% in 3-4 Weeks as Altseason Begins

Ethereum (ETH) has recently made a significant move on its weekly price chart, printing a large green breakout candle. This development has caught the attention of analysts who are now predicting that ETH could reach a price target of $4,200 within the next 3-4 weeks. The breakout candle indicates a strong bullish momentum, as ETH has surpassed the June wick and the major support/resistance horizontal level.

This breakout is reminiscent of the February-March 2024 period when ETH experienced a +42% gain following a similar breakout. If history were to repeat, ETH could indeed hit the $4,200 mark in the near future. Analysts are optimistic about this scenario, as it aligns with the current market conditions and the overall bullish sentiment surrounding cryptocurrencies.

The price of ETH has been on a steady climb, having recently surpassed the $3,000 price target. This breakout comes after a period of correction and sideways movement, during which ETH bottomed out at $1,700 before rallying to smash through the $2,000 and $2,500 price targets. The current pump in ETH's price is seen as a prelude to an even greater price surge, with analysts expecting ETH to reclaim its previous all-time high (ATH) price.

Another bullish indicator for ETH's price pump comes from the Bitcoin Dominance chart. The recent closure of Bitcoin Dominance below the blue diagonal is seen as a sign that the altseason is beginning. This development is expected to drive up the prices of altcoins, including ETH, as investors shift their focus away from Bitcoin.

In summary, ETH's recent breakout on the weekly price chart, coupled with bullish indicators from the Bitcoin Dominance chart, has analysts predicting that ETH could hit $4,200 in the next 3-4 weeks. This price target, if achieved, would mark a new ATH for ETH and signal the arrival of an explosive altseason peak phase.