The view that the altcoin season is still coming remains unchanged. What do I expect the altcoin season to look like?
In fact, whether BTC rises from 57,000 or 67,000 to 110,000, there has not been a true altcoin season in the market.
An altcoin season must have a leader! ETH leading a group of altcoin juniors in a collective surge.
XRP is not capable, DOGE is not capable, BGB, HYPER are even less capable; they are all individual cases without leadership attributes; an altcoin season requires a collective uprising, a track uprising, where various big players lead their juniors in mutual surges.
Looking at the ETH chart below: it can only be considered as oscillating for now. It has yet to break out of this large range, and only BTC's rise does not constitute a bull market in the crypto space.
Yesterday's drop was expected and, of course, it was necessary to have a downward push. Switching to the daily chart of ETH, the rebound that started on the 23rd had no volume. On the 23rd, 24th, and 25th, it moved up slowly, but the volume kept decreasing. At this point, it might be better to drop down to test the situation below.
Yesterday's drop also had no volume. BTC, ETH, and altcoins are all the same; retail investors have already given up.
From a technical perspective, ETH is just at the support level, around 3360. If it holds here, then ETH will form an ascending triangle.
