Well now, gather ’round, folks! It seems our dear friend Ethereum is strutting about like a rooster in a henhouse, showing off some impressive momentum today. The second-largest crypto, bless its heart, has been meandering sideways, feeling the weight of selling pressure like a heavy coat in summer. But lo and behold, the holders of ETH are puffing up their chests, hoping for a little more sunshine and gains!
As of this very moment, Ethereum is prancing around the $2,600 mark, boasting a 3.5% gain in the last 24 hours. Over the past week, it’s been on a bit of a tear, with a 4.3% return, making it the belle of the ball among the big cryptocurrencies. Ain’t that a sight to see?
Now, according to our friend Daan Crypto, Ethereum’s price action is showing signs of compression, much like a spring ready to pop! This usually means something big is about to happen, either a glorious rise or a dismal fall. The poor thing is caught in a tight squeeze between two critical levels. If the buyers can muster the strength to push it above $2,851, we might just see it soar!
But hold your horses! If the sellers get their act together and push the price down below its current levels, we might find ourselves back at the bottom of the barrel, around $2,168. Daan Crypto warns us to keep our wits about us as Ethereum consolidates:
ETH Price action is compressing right below this big $2.8K level. If we’d see a convincing break above $2.8K and hold there, that would be a good setup for a move to the cycle highs around ~$4K. If we do lose this current range then $2.1K is the big high timeframe level to watch. No reason to get over excited in either direction until this current consolidation/compression resolves.
Now, let’s talk about the impending alt season! Our astute analyst, Cantonese Cat, has shown us the Ethereum price dominance chart, which is as tightly wound as a spring. When these bands get all squished together, it’s a sign that something explosive is on the horizon. If Ethereum takes off, you can bet your boots that other altcoins will follow suit, kicking off a grand upward trend for all!
As for the upcoming alt season, Jameson Lopp, the Co-Founder and Chief Security Officer at crypto custodian CASA, has some thoughts to share:
Altseason is coming, just not how you think. Instead of being driven by new tokens on crypto exchanges it will be from new equities on tradfi exchanges.
So there you have it, folks! Buckle up, because the ride is just getting started!
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2025-06-17 08:19