{"id":5338,"date":"2020-11-05T23:00:09","date_gmt":"2020-11-05T23:00:09","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=449009"},"modified":"2020-11-05T23:00:09","modified_gmt":"2020-11-05T23:00:09","slug":"ethereum-could-trigger-a-massive-altseason-once-it-taps-this-key-level","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/ethereum-could-trigger-a-massive-altseason-once-it-taps-this-key-level\/","title":{"rendered":"Ethereum Could Trigger a Massive \u201cAltseason\u201d Once It Taps This Key Level"},"content":{"rendered":"

Ethereum’s price action has been rather lackluster as of late, which has been surprising considering the deployment of the ETH 2.0 deposit contract and Bitcoin’s immense strength.<\/p>\n

Many analysts pinpoint the weakness seen by Ethereum as the sole reason why altcoins have been bleeding out against both USD and BTC as of late.<\/p>\n

Until Ethereum can surmount its resistance at $420, there’s a strong possibility that it will continue seeing signs of weakness and struggling to gain ground against Bitcoin.<\/p>\n

One trader is now noting that ETH<\/a> is approaching a crucial level against its Bitcoin trading pair that could offer investors with serious insight into its mid-term outlook.<\/p>\n

He also notes that holding this support could single-handedly reverse BTC’s market dominance and spark the next altseason.<\/p>\n

That being said, the lackluster response to the ETH 2.0 rollout could indicate that bulls are fundamentally weak.<\/p>\n

Ethereum Struggles to Break Key Resistance Despite Bullish Developments<\/strong><\/h2>\n

At the time of writing, Ethereum is trading up slightly at its current price of $410. This marks a notable surge from its lows of $380 that were set yesterday morning.<\/p>\n

The rally from these lows came about due to the deployment of the ETH 2.0<\/a> deposit contract address.<\/p>\n

For the highly anticipated network update to occur, the contract needs to reach the ETH threshold of roughly 525,000 ETH.<\/p>\n

Once this threshold is reached, the Beacon Chain will be launched, and the full transition to ETH 2.0 will begin.<\/p>\n

Although this has widely been seen as a bullish catalyst, bulls’ response to yesterday’s news was relatively lackluster.<\/p>\n

The crypto remains well below its key $420 resistance that has been holding strong throughout the past few weeks.<\/p>\n

ETH Could Soon Trigger a Massive Altseason<\/strong><\/h2>\n

While sharing his thoughts on Ethereum’s near-term outlook, one analyst explained<\/a> that it is about to reach a massive support level against its Bitcoin trading pair.<\/p>\n

He notes that this could trigger the next altseason.<\/p>\n

\n

“To be clear. ETHBTC is approaching key support level, if support holds BTC.dominance will reverse. Once more: ETH season will trigger [altseason].”<\/p>\n<\/blockquote>\n

\"Ethereum\"<\/p>\n

Image Courtesy of Wolf. Source: ETHBTC on TradingView<\/a>.<\/pre>\n
The coming few days should provide investors with significant insights<\/a> into where Ethereum and the altcoin<\/a> market will trend in the days and weeks ahead.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Ethereum’s price action has been rather lackluster as of late, which has been surprising considering the deployment of the ETH 2.0…<\/p>\n","protected":false},"author":1,"featured_media":5339,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[283,109,111,113],"class_list":["post-5338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-eth","tag-ethbtc","tag-ethusd","tag-ethusdt"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5338"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=5338"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5338\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5339"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}