Ethereum's price has returned to a technical level last seen before the 2020 rally, raising expectations of a new Altseason.
Testing the 50 MA Level on Ethereum Chart
Analyst Merlijn The Trader noted that Ethereum is retesting the 50-week moving average, a level that previously acted as support in early 2020. Chart comparisons showed this same moving average initiated a significant upward move, leading to the last major Altseason.
In 2025, Ethereum will again interact with this support zone. Current price action has brought Ethereum back to this moving average, where buyers are starting to appear.
TOTAL3 Structure and Reversal Patterns
TOTAL3 has constructed an inverse head and shoulders pattern, as outlined by analyst Moustache. The head was created in late 2022, while the right shoulder formed during the latter half of the year.
The chart pattern shows a textbook reversal structure. Confirmation of this movement will be achieved with a neckline breakout. If TOTAL3 breaks this level, it would signify real bullish movements. The market structure has maintained higher lows, indicating potential for further gains.
Strength of Altcoins Amidst Macro Uncertainty
Analyst Michaël van de Poppe highlighted the strength of altcoins, especially Ethereum, in relation to Bitcoin. Despite macroeconomic pressures, Ethereum continues to show resilience. Prices are in a stable support area, with volume surges occurring during formative reactions.
There is confidence that buyers are looking to accumulate at current levels.
While technical structures are developing, confirmation of their strength will depend on price behavior at resistance levels. Sustaining above the 50 MA and breaking the TOTAL3 neckline could signal the beginning of a new Altseason.
