Ethereum (ETH) is gaining strength: Is an altcoin rally imminent?

Ethereum ($ETH ), which has started to gain value against Bitcoin ($BTC ), may make altcoin investors happy.

Ethereum has exhibited a stagnant performance recently. The leader of altcoins, which reached $ 4,100 on December 2, lost 20 percent in a short time and fell to $ 3,200. This sharp decline shows that the selling pressure in the market continues. However, despite the selling pressure in the markets, a new bullish structure has emerged. According to the structure in question, sellers may lose dominance. Thus, buyers can more easily carry the price up.

In the ETH/BTC parity, the price fluctuated between the support and resistance levels approaching each other, creating a symmetrical triangle formation. The fact that this formation belongs to the monthly time frame further strengthens the possibility of an upward break. Currently, the price is trading close to the support level, which is the lower band of the formation. This indicates that a significant upward movement may begin.

If this formation occurs, the three key levels to watch for ETH/BTC will be 0.0540, 0.0859, and 0.1202, respectively. As these levels are exceeded, Ethereum's strength against Bitcoin will increase.

As the ETH/BTC pair rises towards these levels, positive effects may also be reflected in the ETH/USDT price. Ethereum, which is currently traded at $3,200, may first reach $4,000 if this rally occurs. New peaks may be targeted later. Especially if ATH is renewed, sharp increases may be observed in altcoins.

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