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- Ethereum price chart shows major retesting trendline support.
- This move has always led to over 100% price pump according to historica data.
- Can ETH set a new ATH by Q1 2025?
Altseason sentiment continues to grow as analysts expect the prices of popular and capable altcoins to shoot up at the peak of the ongoing bull season. As Bitcoin (BTC) continues to hold strong at the $68,000 price level, expectations for a bullish altseason to follow a bullish Q4 for Bitcoin continue to gain momentum.
Bitcoin Pump Could Trigger ETH and Altcoin Pump
So far, Bitcoin shows strong indicators for a high probability of hitting 6-digit ATH targets by the end of Q4. The pioneer crypto asset has closed both September and October in bullish green, igniting high expectations for a bullish Q4 and an even more promising altseason to follow.
Historically, altseason is led by the pioneer altcoin, Ethereum’s Ether (ETH). According to the post above, this analyst marks ETH as having just reached its major trendline support. He highlights that the last three times Ethereum retested this trendline, the ETH price has pumped hard every year.
ETH Repeats Retesting Pump Trend
Based on the post above, the analyst goes on to list the last three times ETH price pumped after forming the same pattern. To highlight, he begins with the 123% and 107% pump in 2022 when the pump took place in 3 months and 7 months respectively. He also adds the 158% pump in 2023 which happened in 6 months.
Therefore, he concludes by saying that if ETH price pumps by 100% again then it will hit a new ATH in Q1 of 2025. According to CoinMarketCap data, the price of ETH is presently $2,460.88 with a total market cap of $296,287,614,693.57 and a 24-hour trading volume of $14,599,979,861.08. The previous ATH of ETH is $4,891.70 and analysts hope to see ETH break this record soon.