Ethereum Season Begins According to Three Indicators
According to a cryptocurrency analyst, Ethereum (ETH) may set a new price record according to three indicators.
“The dominance chart indicates that we are entering the ‘ETH Season’ where Ethereum will outperform other cryptocurrencies,” said the analyst known as Blockchain Mane.
The dominance chart, which shows how much share Ethereum has in the cryptocurrency market, rose by 17% in the last week and approached 19%, according to TradingView data.
The analyst said Fibonacci retracement levels also provide “strong support.”
According to CoinGecko data, Ethereum broke its own price record by rising to $ 4,878 in November 2021. Blockchain Mane said that $5,080.60 and $6,231.83 are resistance levels in Ethereum.
The analyst stated that the parabolic trend in Ethereum is also upward.