Ether’s price experienced a notable increase today, climbing by 3.40% and approaching the $3,500 mark. This upward movement follows a drop in Bitcoin’s market dominance below 58%, sparking excitement about a potential “altcoin season.” Ethereum managed to rise above its 50-day Exponential Moving Average (EMA) on the daily chart, having dipped below it the previous week.
The altcoin’s ascent coincided with a broader market rally. Bitcoin surpassed $96,000, while major altcoins like XRP and Solana saw respective increases of 9%. The reduced Bitcoin dominance suggests that altcoins, including Ethereum, are making gains in market share.
Notably, a well-known crypto trader, using the alias Satoshi, pointed out the continuation of the altcoin season, indicating a lucrative period for altcoin investments. Meanwhile, Ether’s price surge has also been buoyed by positive sentiments from futures traders. Data shows a significant rise in the funding rate, demonstrating many traders holding long positions.
Alongside this, Ethereum exchange reserves have decreased across platforms, hinting at more spot buying. From a technical standpoint, Ethereum is forming a bullish ascending triangle pattern on the four-hour chart, targeting a breakout above the $3,500 resistance level. However, to solidify this movement, ETH must achieve a bullish breakout above the 50-day, 100-day, and 200-day EMA levels. A confirmed close above $3,500 could enhance investor confidence, with potential price targets of $3,850 and $4,000, representing a 15% surge from current levels.
