Bitcoin (BTC) saw a rise above $90,000 after experiencing sharp declines, while Ethereum, the largest altcoin, also saw a significant recovery.
At this stage, Ethereum (ETH) rose to $3,400 last night, marking its highest level since November 13, about four weeks ago.
While the bullish outlook for ETH remains, one analyst argued that the bearish trend for ETH has ended.
Negentropic, co-founder of the on-chain analytics platform Glassnode, argued on platform X that ETH is quietly preparing for its next rise.
According to the analyst, ETH has risen above its 50-day moving average. As a result, he analyzed that a trend break had occurred in Ethereum and that the bullish momentum is continuing.
This situation has happened twice before, followed by a strong recovery. At this stage, the analyst likened the recovery in Ethereum dominance and the resumption of bullish momentum to previous strong rallies.
Negentropic statement:
"Ethereum is quietly gearing up for something big."
"Dominance is regaining the simple moving average of 50 days (50SMA), the trend break is behind us, and momentum is trending upwards. This pattern gained more momentum in the last two instances it appeared. The bearish window for ETH and altcoins has closed."
Closing the bearish window for ETH and altcoins
In addition to Negentropic, analyst Merlijn The Trader also provided similar forecasts for Ethereum. The analyst pointed to the formation of a "large inverse head and shoulders" pattern on the long-term weekly timeframe, stating that: "the most bullish structure in the crypto market is forming in ETH."
Finally, analyst Rekt Capital mentioned that Ethereum is in a critical demand zone and is showing strength. He added that if ETH's weekly close is above the CME futures gap level, the bullish trend may continue.
