Ethereum (ETH) has performed better than Bitcoin (BTC) in the last week with a 21% price increase. These gains have matched with the beginning of an altcoin season that has led to the market share of Bitcoin dropping to notable lows in the last seven days. Due to these factors, there are sparking talks about whether the Ethereum price might be on the way to a rally to an all-time high of $4,800.
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Ethereum Price Rallies as Bitcoin Dominance Crashes
The share of Bitcoin in the total $4 trillion crypto market cap has dropped in recent days as altcoins fill the gap, with investors rushing to invest in other coins that are well-positioned to deliver returns. The share of its market cap has dropped to 61%, marking its lowest level since March, as it records fewer gains.
Bitcoin Dominance (Source: TradingView)The performance in the previous years shows that Ethereum usually steps up to fill this gap when the metric is dropping, and this is already being seen, considering that the ETH price is up by 21% in one week while BTC is up by only 0.6% within the same period.
This drop has also caused a surge in talks about the beginning of an altcoin season, considering that the index has risen to 41 to indicate that investors are moving their funds from Bitcoin to other crypto assets. This also supports the bullish narrative for an Ethereum price prediction.
When investor sentiment towards altcoins is more bullish than the sentiment towards BTC, the ETH price will likely continue the surge, with investors shifting to this altcoin with hopes that it will target new highs.
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ETH Targets $4,800 as Key Resistance Nears
While this fall is definitely good for the Ethereum price, the largest altcoin needs to cross a crucial resistance level for it to confirm the possibility of a strong uptrend. This resistance lies between the prices of $3,600 and $3,900, and it has been holding for the last three years.
If the ongoing buying pressure towards Ethereum that is coming from both retail and institutional investors continues, it is possible for the ETH price to cross above this resistance . The surging demand for Ethereum from BlackRock investors who are buying more ETH than Bitcoin might help to drive the much-needed push.
If ETH can cross above, the next target for the price is $4,800, and it could reclaim its previous all-time high. Moreover, despite the rise in recent weeks, the RSI has yet to reach overbought levels above 70, further confirming the possibility of another rally to the upside.
ETH/USDT: (Source: TradingView)To sum up, Ethereum price has registered strong gains in the last week, and this has created an all-around demand for altcoins. Because of this, Bitcoin’s dominance has crashed, making the case for an ETH rally to $4,800.
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Frequently Asked Questions (FAQs)
Can Ethereum price surge to $4,800?
Ethereum price could surge to $4,800 if it overcomes a crucial resistance level that has been holding for nearly three years.
What is the impact of falling Bitcoin dominance on ETH price?
The falling Bitcoin dominance is bullish for ETH price as investors shy away from Bitcoin and seek alternative currencies.
Can ETH sustain its gains?
ETH can sustain its gains if the buying pressure remains high and the demand from both retail ad institutional investors is also high.
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Ethereum Price Prediction As Bitcoin Dominance Crashes- Is $4,800 Next?
Ethereum (ETH) has performed better than Bitcoin (BTC) in the last week with a 21% price increase. These gains have matched with the beginning of an altcoin season that has led to the market share of Bitcoin dropping to notable lows in the last seven days. Due to these factors, there are sparking talks about whether the Ethereum price might be on the way to a rally to an all-time high of $4,800.
Advertisement Advertisement
Ethereum Price Rallies as Bitcoin Dominance Crashes
The share of Bitcoin in the total $4 trillion crypto market cap has dropped in recent days as altcoins fill the gap, with investors rushing to invest in other coins that are well-positioned to deliver returns. The share of its market cap has dropped to 61%, marking its lowest level since March, as it records fewer gains.
Bitcoin Dominance (Source: TradingView)The performance in the previous years shows that Ethereum usually steps up to fill this gap when the metric is dropping, and this is already being seen, considering that the ETH price is up by 21% in one week while BTC is up by only 0.6% within the same period.
This drop has also caused a surge in talks about the beginning of an altcoin season, considering that the index has risen to 41 to indicate that investors are moving their funds from Bitcoin to other crypto assets. This also supports the bullish narrative for an Ethereum price prediction.
When investor sentiment towards altcoins is more bullish than the sentiment towards BTC, the ETH price will likely continue the surge, with investors shifting to this altcoin with hopes that it will target new highs.
Advertisement Advertisement
ETH Targets $4,800 as Key Resistance Nears
While this fall is definitely good for the Ethereum price, the largest altcoin needs to cross a crucial resistance level for it to confirm the possibility of a strong uptrend. This resistance lies between the prices of $3,600 and $3,900, and it has been holding for the last three years.
If the ongoing buying pressure towards Ethereum that is coming from both retail and institutional investors continues, it is possible for the ETH price to cross above this resistance . The surging demand for Ethereum from BlackRock investors who are buying more ETH than Bitcoin might help to drive the much-needed push.
If ETH can cross above, the next target for the price is $4,800, and it could reclaim its previous all-time high. Moreover, despite the rise in recent weeks, the RSI has yet to reach overbought levels above 70, further confirming the possibility of another rally to the upside.
ETH/USDT: (Source: TradingView)To sum up, Ethereum price has registered strong gains in the last week, and this has created an all-around demand for altcoins. Because of this, Bitcoin’s dominance has crashed, making the case for an ETH rally to $4,800.
Advertisement
Frequently Asked Questions (FAQs)
Ethereum price could surge to $4,800 if it overcomes a crucial resistance level that has been holding for nearly three years.
The falling Bitcoin dominance is bullish for ETH price as investors shy away from Bitcoin and seek alternative currencies.
ETH can sustain its gains if the buying pressure remains high and the demand from both retail ad institutional investors is also high.
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