Technical assessments and blockchain data suggest Ethereum is on a sharp upward trend, seen by many investors as the onset of an ‘Altseason.’ With this significant cryptocurrency breaking through key resistance levels, analysts and investors have a shared sense of optimism for its growth potential. ProfessorAstrones, a prominent voice in the crypto space, shared an X thread, shedding light on a potential altseason.
From the technical perspective, Ethereum has been carving a path upward within a well-defined price channel since October. The recent breakout above this channel’s upper limit, particularly in a green area denoted on the above analyst’s chart, suggests a robust entry into a period known for robust altcoin performance.
On-chain data complements the technical outlook, revealing substantial buying activity from corporate entities and wealthy individuals. This trend gained momentum post the Bitcoin ETF approval, with the top 1,000 Ethereum wallets increasing their holdings significantly. Santiment reports indicated that top Ethereum wallets have increased their holdings by 570,000 ETH, accumulating a substantial 64.6 million ETH in total.
Consequently, the market has reacted positively to these events. Ethereum’s price is currently $2,529.98, with a modest gain in the last day but a significant 10.58% upswing over the previous week. Furthermore, Ethereum’s market value is now just above $304 billion, mirroring the boost in market participation and investor sentiment.
This combination of technical breakouts and on-chain accumulation suggests that Ethereum may not only be setting the stage for its success but could also be a precursor for a broader altcoin rally. As the top Ethereum wallets expand their holdings, the market watches keenly. Further, Ethereum’s performance remains a focal point for seasoned and novice investors gearing up for a potentially lucrative Q1.