All eyes have been on Bitcoin price in recent weeks as the world’s biggest cryptocurrency rallied by more than 60% in a matter of weeks.
However, the focus may soon shift to Ethereum’s Ether (ETH) as it approaches the final resistance zone before a big potential breakout. This is not only the case with the U.S. dollar pair but also with the Bitcoin (BTC) pair, as the latter may have just reached its cycle low.
Could this mean that there’s an alt season on the horizon? The signals are certainly getting stronger by the day. Let’s take a looks at the charts.
ETH/USD must break resistance at $450 to break out
The weekly chart of Ether is fighting the final massive resistance zone before $600, with $800 on the horizon thereafter.
This resistance zone was rejected heavily in the summer, after which a retest of the $300 area occurred. This support level has held, which means that a retest of this resistance area is now on the table.
As stated, Ether’s price made a new higher high, after which the $310 support/resistance flip warranted a higher low. This indicates a bullish uptrend, where further continuation to $800 may just be a matter of time.
ETH/BTC finds the bottom?
The weekly chart for ETH/BTC, however, shows a clear rejection at the 0.04 sats resistance. This rejection marks the high of the current range. Through this mark, a retest of the 0.026 sats area was the likely outcome.
Therefore, traders should have anticipated such a retest because such levels are often retested before confirmation of a breakout. And because quarter four isn’t the best period for altcoins, Ether might be close to finding a bottom in