- Bitcoin Dominance enters bearish backtest as ETH pulls back to support.
- Altcoins see numerous bullish indicators across several price charts.
- The altseason peak phase could be triggered soon.
The crypto market is still very bullish over the expectations of a parabolic altcoin market surge in the final quarter of the year. Presently, analysts are keeping a close eye on altcoin charts and BTC Dominance. Most recently, expectations for altcoins are high as Bitcoin Dominance enters bearish backtest as ETH pulls back to support, paving the way for an aggressive altcoin market price pump.
Bitcoin Dominance Enters Bearish Backtest
Ever since the price of the pioneer altcoin asset, Ethereum (ETH), went on to set its first new ATH price this bull cycle, expectations for a strong altcoin market pump have been growing steadily stronger. In detail, the price of ETH set its only ATH yet this bull cycle in the $4,900 price range, just 10 days after BTC set its ATH in August. Yesterday, BTC set its latest ATH price and analysts expect ETH to pump soon.
Specifically, analysts are hoping to see the price of ETH pump back to reclaim its previous ATH price and enter its price discovery stage once again. Traders and ETH holders are highly anticipating the price of ETH to surge and surpass the $5,000 price target as several bullish signals and market indicators point to a high possibility of ETH hitting new ATH prices in the $6,000 to $7,000 price range.
As we can see from the post above, expectations for altcoins to start setting new ATH prices following an epic price pump have been growing stronger, and one of the biggest reasons is due to the bearish signs on the BTC Dominance chart. The image above shows that BTC is in a bearish backtest and previously broke out of an ascending broadening wedge that had been forming for over two years.
ETH Pulls Back to Support
This indicator bodes well for altcoins, but none so strongly as for the pioneer altcoin asset ETH. As we can see from the post above, ETH started preparing for its pump and building a long in the $4,400 and $4,500 price region. The analyst says that the OBV still looks strong , and that ETH is hitting a key 4-hour zone. If it fails to pump now, there may be another entry in the $4,200 price range, concludes the trader in the post.
Finally, another reputed ETH trader and respected crypto analyst shares his take on the current formation in the ETH price chart. In detail, this analyst says that ETH has just pulled off an epic pullback right back to support. He says that when people are this afraid of red candles, the market can prepare to see higher highs, which are still on the table. He concludes by saying to think about how many longs just closed before the next move up.
