#AltcoinMomentum

According to Finbold, Ethereum (ETH) recently experienced a significant price breakout, trading above the $3,500 resistance level. This development has sparked interest in the cryptocurrency market as a whole, as it is seen as a potential precursor to an altcoin season leading up to 2025. As of the latest update, Ethereum is trading at $3,569, marking a 1% gain in the past 24 hours and an 8% gain over the past week.

The recent momentum in Ethereum’s price has led to various predictions from analysts. Notably, after Ethereum temporarily broke above the $3,600 resistance level, on-chain crypto analyst Ali Martinez predicted a short-term target of $6,000 for the asset. Reaching this target could further confirm the start of an altcoin season. For Ethereum to maintain this momentum and confirm an altcoin bull run, it will need to continue building on its current gains throughout 2024 and into the new year.

The Ethereum Rainbow Chart, a popular tool among investors, provides insight into potential future price movements. The chart uses historical price data on a logarithmic scale with color-coded bands to represent different price zones. Currently, Ethereum is in the “Stable” zone, ranging from $2,854 to $4,123, indicating a period of steady activity without significant upward or downward pressure.