Could Ethereum be leading the way for altcoin season to begin? Recent data shows that Ethereum is surpassing Bitcoin in terms of open interest growth, sparking speculation among investors. This shift in focus could potentially favor Ethereum and other altcoins over the traditionally dominant Bitcoin.
According to analytics firm Rekt Capital, Ethereum is currently at a critical juncture. In order to surpass the $4,000 mark, the cryptocurrency must close the week above $3,956. With Ethereum displaying a pattern of forming a lower high, its short-term price trajectory may be influenced.
The consolidation of Ethereum’s price within its current range has raised hopes among investors for an early start to the altcoin season. If Ethereum can maintain its momentum and break through key resistance levels, it may trigger a broader rally among altcoins, drawing attention and capital away from Bitcoin.