Alt Season 2.0: Analyst Claims It’s “Showtime” For Ethereum
Ethereum has had an incredible year thus far, breaking its former all-time high on its USD pair and soaring well above it. However, on its Bitcoin trading pair, the altcoin has struggled to get anywhere near its former highs.
According to one crypto trader, that all is about to change, and it is finally “showtime” for Ethereum to take the center stage in the crypto market.
Crypto Trader: It’s Showtime For Ethereum
At the height of the last bull market, ICO fever propelled Ethereum to its then all-time high of $1,400 per token. During peak altcoin season – a period when the alternative cryptocurrencies outperform Bitcoin by a large margin –the ratio of Ethereum to Bitcoin rose as high as 0.1.
Related Reading | Altcoin Market Cap On The Verge Of Life-Changing Breakout
A dramatic 90% fall against the first ever cryptocurrency took place in the months following, and the top ranked altcoin and backbone of the DeFi movement has been struggling to return to those highs.
It could finally be “showtime” for Ethereum, according to one crypto trader. The analyst has shared a chart depicting a clear breakout from downtrend resistance on the ETHBTC trading pair, following a short-term Adam and Eve bottoming formation.
Ether is breaking out against Bitcoin after putting in an Adam and Eve bottom | Source: ETHBTC on TradingView.com
Why A Showstopping Altcoin Season Is Just Around The Corner
Adam and Eve bottoms are surprisingly common in cryptocurrencies. A small timeframe version of the pattern acted as Bitcoin’s bear market bottom, much like it has on the ETHBTC pair over the last few weeks.
As the analyst demonstrates, it could be time for Ethereum to make a shocking comeback against Bitcoin. On higher timeframes, an even larger Adam and Eve bottom has been in the works for the entire bear market, since the 2018 peak was put in.
An Adam and Eve bottom is characterized by a sharp, V-shaped bottom, followed by a more drawn out and rounded bottoming pattern.
An even Adam and Eve bottom is forming on high timeframe ETHBTC charts | Source: ETHBTC on TradingView.com
The rounding bottom pattern has also formed what appears to be an inverse head and shoulders pattern – another type of bottoming structure.
Related Reading | Five Signs That Say Altcoin Season Hasn’t Even Started Yet
With so many signals pointing to sustained upside in Ethereum against Bitcoin, a return to former highs on the ratio may be in the cards, and the show should be starting any day now. In the past, major Ethereum breakouts have ignited a larger altcoin season.
If history repeats, life-changing wealth will be generated in altcoins over the next several weeks. But be careful, altcoin seasons happen fast, and tend to have an unhappy ending. For now, the show will continue to go on until the credits roll.
Featured image from Deposit Photos, Charts from TradingView.com