Ethereum Shows Strong Momentum Against Bitcoin and US Dollar

• ETH/BTC strong at 0.056 BTC, nearing 0.062 BTC resistance. 
• Breaking 0.062 BTC resistance on ETH/BTC may signal altseason. 
• Approaching resistance at 0.062 BTC, ETH/BTC shows strength.

The ETH/BTC pair continues to exhibit signs of strength, suggesting the potential for an upcoming altseason. Crypto Tony, a prominent analyst on X, has highlighted significant support and resistance levels in his recent update. A robust support level is evident around the 0.0435 BTC mark, which was tested and held firm during the price dip in late 2020 and early 2021. Additionally, a critical resistance level is situated at approximately 0.062 BTC. This horizontal line has been tested multiple times since mid-2022 but has yet to be conclusively breached.

From May 2020 to May 2021, ETH/BTC experienced a substantial uptrend, peaking near 0.088 BTC. This period was marked by Ethereum’s strong performance relative to Bitcoin. The current price level of around 0.056 BTC is approaching the resistance level of 0.062 BTC. Breaking through this resistance could signal the beginning of an altseason, where altcoins, including Ethereum, outperform Bitcoin. Conversely, failing to breach this resistance might result in a continuation of the downtrend, potentially testing the support level around 0.0435 BTC again.

In parallel, Charting Guy, another well-known analyst, emphasizes the bullish trend in the ETH/USD pair without relying on specific indicators or lines. He describes the latest monthly close for Ethereum as particularly notable. The chart displays several large bullish candlesticks, suggesting strong upward momentum. The most recent candlestick is especially significant, with a large body indicating substantial buying pressure. There are also a few bearish candlesticks with shorter bodies, reflecting brief periods of selling pressure that were quickly overcome by buyers.

The presence of these large bullish candlesticks, especially the most recent one, indicates strong market confidence in Ethereum. The significant upward movement suggests that buyers are dominant, pushing the price to higher levels. As of today, the price of Ethereum (ETH) stands at $3,784.53, with a 24-hour trading volume of $13,715,278,293.81. This represents a 1.25% price increase in the last 24 hours and a 0.85% price increase over the past seven days. With a circulating supply of 120 million ETH, Ethereum’s market cap is valued at $454,624,068,568.

Ethereum has shown a price increase of 0.80% in the last seven days, outperforming the global crypto market, which has seen a decline of -1.40%. The ETH/USD monthly chart demonstrates a strong bullish trend with significant upward momentum. Traders should monitor the key resistance level at $4,350.00 for potential breakout opportunities. In case of a pullback, the support levels at $3,150.00 and $2,750.00 could provide strong buying opportunities. The market sentiment appears bullish, but vigilance is required to identify any potential trend reversals.