This week, Ethereum (ETH) demonstrated impressive growth, surpassing the critical $4,000 mark and climbing to $4,218. This breakthrough indicates significant market changes, pointing towards a possible altcoin season.
Ethereum's Rise and Its Significance
ETH surged 21% from its weekly low, now eyeing the $4,500 level, which serves as an indicator for the altcoin season. The breakout at $4,500 confirms a departure from previous support and resistance levels.
ETH vs BTC Dominance Metrics
With ETH dominance climbing to 13%, Bitcoin (BTC) dominance slipped below 60% for the first time in six months. This may suggest shifts in liquidity preferences in the market.
Whale Activity and Future Outlook
Coinglass data reveals that ETH short liquidations totaled over $202 million. Whale activities also indicated about $199 million worth of ETH sold in the last two days, suggesting some selling pressure.
The overall dynamics and changes in the Ethereum market signal a positive impact on the potential altcoin season. However, with the observation of whale behavior and liquidity, the possibility of subsequent price fluctuations should be considered.
