Ethereum

Based

Rally

FOMO

Bitcoin

ETH/BTC price analysis: Bitcoin price hit a new all-time high this week but dumped massively below $60,000. The sudden move caught many players by surprise, with Ethereum<a href="https://coingape.com/ethereum-accumulation-signals-strong-eth-price-rally-above-4000/" rel="noopener noreferrer nofollow">&nbsp;</a>falling to $3,200 support. Liquidations hit leverage investors hard as more than $1 billion in value exited the market.
Now that&nbsp;<a href="https://coingape.com/bitcoin-btc-price-reclaims-68000-as-bullish-sentiment-resumes/" rel="noopener noreferrer nofollow">Bitcoin</a>&nbsp;has recovered above $67,000 investors are gradually turning to select large, mid, and small-cap altcoins speculating on further gains ahead of the&nbsp;<a href="https://coingape.com/glossary/bitcoin-halving/" rel="noopener noreferrer nofollow">Bitcoin halving</a>.
It is believed that Bitcoin’s surge to a new record high of $169,000 was partly due to the spot ETFs and the halving expected in March.
Ethereum, the second-largest crypto is buoyed by the upcoming&nbsp;<a href="https://coingape.com/markets/5-under-1-ethereum-layer-2-altcoins-to-buy-as-dencun-upgrade-beckons/" rel="noopener noreferrer nofollow">Dencun upgrade</a>&nbsp;alongside bullish sentiment of recirculation of gains from Bitcoin. The crypto market often moves in cycles, the four-year halving cycle being the most popular.
In the bull market, Bitcoin is usually the first to rally followed by large-cap altcoins like Ethereum and Solana. The altcoin season ignites as capital flows from the top into mid-cap tokens and finally small-cap coins.
Based on the ETH/BTC price chart, altcoins are moving closer to the breakout threshold. Investors reference this chart when speculating on the start of the altcoin season — believed to dramatically grow crypto portfolios.
<h2 class="p1" id="eth-btc-price-analysis-ethereum-price-rally-beckons">ETH/BTC Price Analysis: Ethereum Price Rally Beckons</h2>
Ethereum is trading at $0.058 against the largest crypto Bitcoin. The pair’s immediate downside holds above support provided by the 200-week Exponential Moving Average (EMA).
Despite the growth in Ether’s price in the last few months, a larger hurdle represented by the yellow band on the chart has been a major bottleneck since October 2023.
For all the times Ethereum has strengthened against Bitcoin since the bull market in 2021, the ETH/BTC exploded by more than 40%, reaching highs around 0.085.
<figure id="attachment_184825" aria-describedby="caption-attachment-184825" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-184825" src="https://coingape.com/wp-content/uploads/2024/03/ETHBTC_2024-03-08_17-42-51.png" alt="ETH/BTC price analysis chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/03/ETHBTC_2024-03-08_17-42-51.png 2694w, https://coingape.com/wp-content/uploads/2024/03/ETHBTC_2024-03-08_17-42-51-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/03/ETHBTC_2024-03-08_17-42-51-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/03/ETHBTC_2024-03-08_17-42-51-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/03/ETHBTC_2024-03-08_17-42-51-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/03/ETHBTC_2024-03-08_17-42-51-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/03/ETHBTC_2024-03-08_17-42-51-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-184825" class="wp-caption-text">
 ETH/BTC price analysis chart | Tradingview
 </figcaption>
</figure>
Knowing the right time to start buying altcoins is every crypto investor’s desire. Hence, timing ETH/BTC breakout above the yellow band and subsequently past the falling trendline resistance could trigger FOMO not only in Ethereum but across the altcoin market.
The ETH/BTC pair must also rise above the Ichimoku cloud to back the rally fully. However, waiting for such a move might mean catching the rally too late and missing out on most of the gains.
With that in mind, it might be wise to start buying more altcoins as soon as the ETH/BTC pair spikes past the trendline and the yellow band resistance — and waiting for the next Ichimoku bullish signal while in position.
The post <a href="https://coingape.com/markets/eth-btc-price-analysis-top-reasons-why-altcoin-season-calls-after-bitcoin-rally/" rel="noopener noreferrer nofollow">ETH/BTC Price Analysis: Top Reasons Why Altcoin Season Calls After Bitcoin Rally&nbsp;</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

ETH/BTC Price Analysis: Top Reasons Why Altcoin Season Calls After Bitcoin Rally

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