Crypto analyst Javon Marks recently suggested that the Altcoin season might be imminent, and Ethereum might be the cause. As part of his analysis, the analyst predicted that Ethereum would likely kickstart the rally these crypto tokens are expected to record once the Altcoin season begins.
Altcoins To Follow Ethereum’s Move
Marks remarked in an X (formerly Twitter) post that a new all-time high (ATH) for Ethereum could be of “major service in many Altcoin progressions.” The analyst made this statement while highlighting a bull flag that had formed on Ethereum’s chart. He claimed that a breakout from that flag could spark a massive rally for Ethereum, which would, in turn, positively affect other Altcoins.
Ethereum periodically outperforms the flagship crypto, Bitcoin, which inspires other crypto tokens to make significant rallies instead of mirroring Bitcoin’s price action. Crypto analyst Michaël van de Poppe indicated that the news around the Spot Ethereum ETF will likely trigger this move for Ethereum and other altcoins.
He also revealed that Bitcoin’s dominance has peaked, meaning that the flagship crypto might cool off while these altcoins enjoy an upward trend. Van de Poppe had previously predicted that the narrative would shift to Ethereum and that he expects altcoins to bounce in their Bitcoin pairs post-halving.
In a more recent X post, the crypto analyst also suggested that a significant rally is on the horizon for Ethereum. According to him, the second-largest crypto token by market cap is currently at the end stage of the correction. “The good times are there in a few weeks time,” he added.
These “good times” are also on the way for other altcoins, as Van de Poppe revealed that he is currently seeing a period of consolidation on the Altcoin market cap charts, which is what comes before the “next big push upwards.”
Altcoin Season Might Still Take A While
Crypto analyst Rekt Capital suggested it might still take a while before the market witnesses Altcoin season. In an X post, he stated that “the window for Altcoin bottoming has just begun,” meaning that these crypto tokens are still likely to drop lower before they experience a trend reversal and make parabolic moves to the upside.
In another X post, the analyst again reaffirmed this sentiment, stating there is “still time left before the Q2 Altcoin Hype Cycle takes off. However, he noted that altcoins are already getting primed for this move, claiming that the “very foundations of the next wave of Altcoin rallies are being built as we speak.”
Rekt Capital assured that this period of consolidation from altcoins was necessary before they could experience any significant price surge. “Market-wide breakouts can’t occur without the market first experiencing slow consolidation periods,” he claimed.
At the time of writing, Ethereum is trading around $3,000, up over 3% in the last 24 hours according to data from CoinMarketCap.
Chart from Tradingview.com
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