Analyst Claims It’s “Showtime” For Ethereum

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Ethereum has had an incredible year so far, breaking its previous all-time high on its USD pair and soaring way above it. However, in its bitcoin trading pair, the altcoin struggled to approach its previous highs.

According to a crypto trader, everything is about to change and it is finally “show time” for Ethereum to be at the center of the crypto market.

Crypto Trader: It’s Showtime for Ethereum

At the height of the last bull market, ICO fever brought Ethereum to its then all-time high of $ 1,400 per token. During the high altcoin season – a time when alternative cryptocurrencies significantly outperform Bitcoin – the ratio of Ethereum to Bitcoin rose to 0.1.

Related reading | Altcoin market cap on the verge of a life changing breakout

In the months that followed, there was a dramatic 90% decline against the first cryptocurrency, and the top ranked altcoin and the backbone of the DeFi movement struggled to return to those highs.

According to a crypto trader, it could finally be “Showtime” for Ethereum. The analyst shared a chart showing a significant breakout in the downtrend resistance of the ETHBTC trading pair after a short-term basic education from Adam and Eve.

Ether breaks out against Bitcoin after hitting an Adam and Eve Bottom | Source: ETHBTC on TradingView.com

Why a stunning altcoin season is just around the corner

Adam and Eve floors are surprisingly common in cryptocurrencies. A small timeframe version of the pattern acted as the Bitcoin bear market low, similar to what has happened with the ETHBTC pair for the past few weeks.

As the analyst shows, it could be time for Ethereum to make a shocking comeback against Bitcoin. In higher periods of time, an even bigger Adam and Eve low is in the works for the entire bear market since the peak of 2018.

An Adam and Eve floor is characterized by a sharp, V-shaped floor, followed by a longer drawn and rounded floor pattern.

In the ETHBTC charts with a high time frame, an even low point is formed for Adam and Eve Source: ETHBTC on TradingView.com

The rounded floor pattern has also formed what appears to be an inverted head and shoulders pattern – a different type of floor structure.

Related reading | Five Signs That Said Altcoin Season Hasn’t Even Started Yet

With so many signals pointing to a sustained uptrend in Ethereum versus Bitcoin, a return to previous highs in the ratio could be in sight and the show should start any day now. In the past, large outbreaks in Ethereum have sparked a larger altcoin season.

If history repeats itself, life changing wealth will be generated in altcoins over the next few weeks. But be careful, altcoin seasons pass quickly and have an unfortunate ending. For now, the show continues until the credits roll.

Featured image from deposit photos, charts from TradingView.com