The current trade set-up of Ethereum suggests the price is about to explode and surge above $2500 very soon
The ecosystem is also on fire, as the layer-2 chains have been performing very well in the past few days
Ever since Solana’s price has risen above the narrow consolidation, the markets have witnessed a steep shift from the top crypto, Bitcoin. The BTC price has been trading below $44,000 for over a week now, as the bulls appear to be waiting for a fresh catalyst to lift the price above $45,000. With this, the popular layer-2 solutions, Arbitrum and Optimism have also soared by a notable margin.
Now that the tokens built over Ethereum have risen over consolidation, will the ETH price also manage to soar above $2500? If this happens, how will the other altcoins react? Can this be considered the beginning of a fresh AltSeason?
Layer-2 Chains Gaining Strength
Ethereum is among the tokens that are known for rising slowly and steadily. The token is currently accumulating strength to pull a notable leg up beyond $2500, which may happen in the next few days. This shows the bulls are gaining ground to trigger a healthy upswing, but the token is also gaining huge strength against Bitcoin. This suggests the resurgence of a strong upswing within the altcoins, which may trigger a strong AltSeason.
The Arbitrum and Optimism prices have been soaring by over 20% and 10%, respectively, as the markets turn bullish with a slight uptick in the BTC price. While Bitcoin forks like BitcoinCash and BitcoinSV have also managed to jump, it appears that the markets are gearing up for a significant rally. While the ARB price has surged above the interim resistance at $1.34, the OP price is close enough to test its current ATH.
Will This Rise Trigger an AltSeason?
Considering the current price action, Ethereum’s price appears to be stronger than Bitcoin. The price has risen above the ascending triangle in the first few days of December and continues to consolidate above the gains.
After a minor consolidation within the current price zone between $2,100 and $2,300, the ETH price is believed to rise above the interim resistance at $2,386 and eventually rise above $2,529. This move will shorten the gap between the current levels and the target of $3000 to a large extent. Currently, the Ethereum (ETH) price is undergoing a retest, and after completing this, a fresh upswing may follow.
The variation in the Bitcoin price does impact the popular crypto, primarily the top 10, but the variation in the Ethereum price could impact the majority of the altcoins. The chart is getting ready right before the ETF decision. If we exclude short-term volatility, this will be the optimal setting for a strong bullish rally.