Ethereum is surpassing Bitcoin in terms of open interest growth, leading to speculation about the imminent arrival of an altcoin season. This trend suggests a shift in investor focus, potentially favoring Ethereum and other alternative coins over the traditionally dominant Bitcoin.
There are key technical levels to consider for Ethereum. According to Rekt Capital, a well-known analytics firm, Ethereum is at a crucial point. In order to surpass the $4,000 mark, the cryptocurrency must close the week above $3,956. Currently, Ethereum is forming a lower high, which could impact its short-term price trajectory.
The ongoing consolidation of Ethereum’s price within its current range is raising hopes among investors for an early start to the altcoin season. If Ethereum can maintain its momentum and break through important resistance levels, it could trigger a broader rally among alternative coins, diverting attention and capital away from Bitcoin.
