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The post Crypto Market Analysis: Top Events That May Mark the Begining of the Altseason 2023 appeared first on Coinpedia Fintech News
The Ethereum Shanghai upgrade is done and is processing the withdrawal requests, unlocking $34 billion in ETH staked on the ETH 2.0 smart contracts. Besides the star crypto, Bitcoin also maintains its levels beyond $30,000, signaling the markets could be preparing for a giant price action in the coming days. However, a couple of events may kickstart a fine Altseason in the coming days.
A Drop in Bitcoin Dominance
Bitcoin is leading the market, as the majority of the altcoins have been following the star crypto vigorously until now. However, ever since the BTC price has been undergoing giant price actions, the altcoins have maintained a consolidated trend. The prices continue to flutter within a narrow range as the BTC dominance continues to surge and reaches one of the major resistance levels above $48.5%.
The above chart illustrates that the dominance has been facing constant rejections at these levels ever since the beginning of the 2021 bull run. Rejection has always enabled altcoin dominance and market cap to swell. Therefore, with the fresh pullback, the altcoins may thrive, triggering the best Altseason of the year.
Ethereum Price Breaking Above $2500
Ethereum has been maintaining a calculated rally, holding above the lower support most of the time. Now that the price has surged beyond $1900, the next target for the second-largest crypto could be to achieve $2000.
Trading ViewThe price, after clearing the 0.236 FIB levels, is headed to slice through the crucial resistance at $2029. These levels may offer a strong base for the altcoin to maintain a steep upswing to reach the upper FIB levels at $2,846.66, which is at 0.5 FIB levels. However, once the Ethereum (ETH) price surpasses the 0.36 FIB levels around $2500, a notable Altseason may begin which may get intensified after the price surges beyond $2800.
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