Still hating Ethereum? Analyst reveals the "key data": only a few days left before it breaks through 5000

Still hating Ethereum?

According to CoinGecko data, after Bitcoin ($BTC) broke through $100,000 last week, its market dominance began to decline and experienced a brief pullback, which many experts see as a signal of the altcoin season approaching.

From historical data, the "altcoin season" often occurs when the BTC rally slows down. If BTC enters a consolidation phase in the short term, a high turnover will bring about a spillover effect of funds, and the altcoin market will be injected with funds at that time.

And the most eye-catching recently, of course, is the king of altcoins - Ethereum ($ETH)'s performance. Ethereum, which has been weak since the beginning of 2024, has risen from silence in the past few weeks, rising from $3,000 to $4,000 in less than a month.

Analyst reveals 'key data'

Renowned Cryptocurrency trader Inmortal pointed out on the social platform X (formerly known as Twitter) that after experiencing a long 1,300-day downtrend, the Exchange Rate of $ETH and $BTC has reached the support level, forming a 'cycle bottom'.

Image source: X ETH/BTC Exchange Rate Chart

As of the weekend, the Exchange Rate of $ETH/$BTC is 0.03996 BTC (about $4,003), although it is still far from the historical high, the strong Rebound momentum may indicate that Ether will attract more capital inflow in the next few weeks.

Inmortal also emphasizes that the market's negative sentiment towards Ethereum may have reached its limit, and the next step will be a strong Rebound: 'Imagine how long the bearish sentiment can last after such a long decline? Those who dislike $ETH now are like those who disliked $Solana in 2022.'

Only a few days left before the distance breaks through 5000

Speaking of the timing and target of Ethereum's rise, Inmortal believes that if Ethereum can successfully break through and stabilize at $4,000, it is likely to directly challenge the resistance zone of $4,800. If the upward trend continues and breaks new highs, it is expected to challenge $5,000 next.

Image source: X Ethereum price chart

As of the time of writing, the trading price of Ethereum is about $3,941, still below the historical high of $4,848 set in November 2021.

In the current situation where many altcoins are "stagnant", analysts believe that Ethereum's rise is not only an individual performance, but also a "key" to drive this altcoin season. If Ethereum continues to be sluggish, this round of altcoin season may be delayed to start.

[Disclaimer] The market is risky, and investments should be cautious. The analyst's viewpoint is for reference only. Users should refer to more diverse indicators to determine whether to invest, and consider whether any opinions, viewpoints, or conclusions in this article are applicable to their specific situation. Invest at your own risk.

'Still hating Ethereum? Analyst reveals 'key data': only a few days left to break through 5000' This article was first published in 'encryption city'.