Bullish Indicator Flashes for Altcoins-This is When AltSeason May Kick-off
The crypto markets appear to have gained significant bullish momentum, with the bears being outpowered by the bulls. Although the prices have been drained, they have still sustained strongly above their respective support levels, indicating the bulls carry acute strength to withstand the bearish actions. In the meantime, the altcoins also appear to be at the threshold of a massive explosion as the Ethereum price is closer to flashing the required signal.
Ethereum against Since 2016-17, Bitcoin has been regarded as one of the most important indicators for predicting alt-seasons. ETHBTC is used against Bitcoin, meaning that when Bitcoin is bullish, ETHBTC will be bearish, and when ETHBTC looks bullish, Bitcoin will be looking weak.
Presently, the ETH/BTC pair has suffered extreme losses as the Bitcoin price has thrived and reached levels above $28,000. This also indicates that the altcoins are weaker at the moment, and only a flip in the ETH/BTC pair may spark a notable recovery. However, after dropping hard, the price is currently trying hard to hold back and halt the downward trend.
Therefore, the possibility of a healthy rebound looms, which may uplift the altcoin market within the crypto space. Ethereum is the second-largest crypto after Bitcoin and has a significant influence over other altcoins as many of them have been built on the ETH platform. Hence, the ETHBTC could be a good indicator of the overall health and performance of the altcoins.