Macroeconomist Henrik Zeberg has announced the restart of the altcoin season, now that the largest altcoin, Ethereum, has broken out above the $2,780 resistance.
Additional data on the chart shows more room for ETH growth. The expert believes that now, with Ethereum’s breakout, altcoins will follow suit and may even reach new all-time highs in this cycle.
Altseason to continue; "Crypto will hit ATHs": Zeberg
Henrik Zeberg published an ETH/USD chart from Coinbase, depicting the bullish breakout of Ethereum after leaving the $2,780 resistance level behind. The trendlines on the chart are also rising, with the RSI at 65 showing more space for further growth.
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#ETH
This move is just getting started!
The Altseason will continue. Crypto will hit ATHs.
Patience! pic.twitter.com/u1gyBfeebn
The chart also demonstrates sustained buying pressure. Zeberg predicts that Ethereum’s rally marks the beginning of an extended altseason. He believes that it will drive the rest of the cryptocurrency market to new all-time highs amid the rise in institutional adoption that is taking place at the moment.
ETH/USD chart, source: TradingView
Currently, Ethereum is changing hands at $2,274 per coin.
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Ethereum signals end of downtrend
Crypto analyst Ali Martinez has also been watching the breakout of Ethereum. In a recent X post, he said that Ethereum has just “signalled the end of the downtrend.”
He revealed that for the first time since September, the SuperTrend indicator has switched from sell to buy. Previously, it led to Ethereum surging by 52% and 174% last year. Martinez elaborated on what might be happening “under the hood” here now.
Ethereum $ETH just signaled the end of the downtrend!
For the first time since September, the SuperTrend indicator has flipped from Sell to Buy. In the last two instances, it led to moves of 52% and 174%.
What’s happening under the hood:
• The Breakout: We finally reclaimed… pic.twitter.com/Tygb2GlkdD
The first thing is that Ethereum has managed to recapture the $2,200 support after facing a 39% decline. The second one is that over the past three weeks, exchange-traded funds have acquired an impressive 83,000 ETH valued at approximately $193 million. Martinez believes that the next price levels to watch are $2,400 and $2,600.
As Ethereum has finally broken out, institutions and retail whales have increased ETH accumulation. One of the prominent figures in the crypto world, who has been buying Ethereum, is an early Bitcoin adopter and the founder of ShapeShift, Erik Voorhees. The Ethereum Foundation has continued staking ETH, too.
Over the past week, 336,000 Ethereum has been withdrawn from various crypto exchanges, confirming increased whale interest in this crypto.
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