- Altcoin Season Index shows market is far from altseason zone.
- Analyst says altcoins still down 47% against Ethereum since April.
- Bitcoin may need to hit $121K to $135K to trigger full altseason.
Ethereum’s latest surge past important resistance levels has put the crypto market in a positive mood. But investors are asking one big question: is it altseason yet? At the moment, one analyst said that the answer is no.
While Ethereum has broken out and altcoins have seen short-term gains, several indicators show that a true altcoin season is still some distance away.
What Is Altseason and Where Are We Now?
An altseason is when altcoins outperform Bitcoin for a sustained period, often delivering huge percentage gains. One popular measure is the Altcoin Season Index, which looks at the performance of the top 50 altcoins compared to Bitcoin over 90 days.
According to this index, the market is nowhere near altseason. The last time it briefly entered the “altseason zone” was in December, and it only lasted four days before markets turned down sharply. Historically, entering this zone often signals the final stages of an altcoin rally, not the start.
Crypto analyst Benjamin Cowen also explained that altcoins are still down about 47% against Ethereum since April. This means that, despite some coins moving higher, the broader altcoin market remains weaker compared to ETH.
The Role of Bitcoin in Triggering Altseason
For a strong altseason to begin, Bitcoin often needs to rally hard first. If BTC were to surge to around $121,000 to $135,000, this could give altcoins room to grow as traders rotate profits from BTC into other assets.
Until then, BTC dominance levels are worth watching. The analyst said that if dominance pushes up toward 61.3% to 61.5% and then gets rejected, that could mark the start of an altcoin bounce.
So what’s fueling this ETH rally? On-chain data shows massive whale accumulation. Here’s CoinEdition’s report on the recent whale buying spree.
Ethereum’s Current Position and Levels
ETH has now broken through the $4,020 resistance, a level it failed to pass on four previous attempts. The next important resistance lies between $4,600 and $4,800, an area where heavy selling and altcoin weakness could occur.
On the downside, $3,600 to $3,700 remains strong support. A dip into this zone could be a high-conviction buying opportunity for aiming a move back toward the $4,600 region.
The bigger picture. ETH rally is backed by more than just whales. Here are the three major tailwinds currently pushing the price of Ethereum higher.
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