Soon after the FOMC meeting, and the US-UK trade deal negotiations this week, altcoins have rallied, led by a 20% Ethereum price pump in the last 24 hours. Other big crypto assets like XRP, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), are also up 7-12% today, leading to discussion around the start of a new altseason. Although some technical charts show strength, market analysts have shared mixed opinions regarding the same.
Predicting Altcoin Season Amid Market Structure Shift
Renowned crypto analyst Trader Tardigrade has forecasted the resurgence of altseason, signaling a significant market shift. According to the analyst, the Total Crypto Market Cap excluding Bitcoin (TOTAL2) has transitioned from a downtrend marked by lower highs (LH) and lower lows (LL) to an uptrend characterized by higher highs (HH) and higher lows (HL).
Macro investor Raoul Pal suggests Bitcoin dominance may have reached its peak, citing multiple technical indicators across various timeframes. “I think BTC dominance topped today,” Pal noted. He further observed that this dominance peak is notably lower than the 2021 and 2017 cycle highs, indicating a shift in market dynamics.
Pal referred to this scenario as the potential start of the “next phase of the Banana Zone,” hinting at a possible rotation into altcoins, after underperforming Bitcoin for quite some time.
What Is Ethereum Rally Signalling?
This time, Ethereum (ETH) has been leading from the front with 20% upside in the last 24 hours and now trading closer to $2,400. This has fueled optimism across the altcoin market, currently buzzing with high trading volumes and strong trading interest. Institutional players like World Liberty Financial and Abraxas Capital have resolved to heavy ETH accumulation recently.
Popular crypto analyst Miles Deutscher stated that ETH pumping is the best possible scenario for altcoins, calling today’s ETH price pump as the biggest single-day move since November 2024. However, commenting on the altseason, Deutscher said:
“I definitely think there is room for upside here, especially on oversold alts. But, I’m not falling into the trap of believing it’s a full blown alt season. I’m net long, but not net stupid”.
Going further, it will be interesting to see how things pan out. As BTC price continues to advance to its all-time high levels, ETH and other alts might join the bandwagon.
The post Is New Altcoin Season Here? What Ethereum Rally Is Signaling appeared first on CoinGape.
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