Ethereum Smashes Through 50EMA Barrier – ETH Dominance Roars Back With a Vengeance

Ethereum just pulled off a textbook breakout after shaking off bears—flipping resistance into support like a seasoned trader flipping NFTs. The 50EMA breach signals momentum shifting back to the bulls, while ETH dominance charts wake up from their slumber.

Market Mechanics at Play

No fancy footwork here—just pure price action. That earlier rejection? Ancient history. ETH's resurgence comes as traders ditch 'wait-and-see' for 'buy-and-hold' (or at least until the next FOMO cycle).

The Dominance Factor

While altcoins keep playing musical chairs, Ethereum's reclaiming its throne. Call it institutional interest, call it DeFi seasonality—just don't call it a fluke (unless you enjoy being wrong).

Closing Thought: Another day, another technical level conquered. Meanwhile, traditional finance still can't decide if crypto's a 'risk asset' or the future—classic hedge fund indecision.

Ethereum Price Breaks 50EMA On Weekly Chart

In an X post, Doctor Profit stated that after 9 weeks of constant rejection at the EMA50 on the weekly chart, the Ethereum price has finally broken through. He claimed that it was a very good sign, as it suggests that ETH will reach higher targets in the coming weeks. The break above the 2,600 EMA50 level came as the broader crypto market rallied. 

This rally has been led by the Bitcoin price, which has reached new all-time highs (ATHs). Based on this, the ethereum price is expected to also reach new highs, with the yearly high of $3,600 already in sight. A reclaim of this level could also pave the way for ETH to reclaim the psychological $4,000 level. 

Meanwhile, crypto analyst Rekt Capital alluded to the rising dominance of the Ethereum price. He noted that this ETH dominance fractal will not be a copy-paste version of what happened between 2019 and 2020. However, the analyst claimed that the recent rise to 10% of the dominance level shows that Ethereum wants to become more market-dominant in the coming months. 

BitMEX co-founder Arthur Hayes also believes that it is time for the Ethereum price to make its move. In an X post, he predicted that the altcoin could reach as high as $10,000 on this upward trend. He made this prediction while highlighting ETH’s chart against its BTC pair, suggesting that he also agrees that Ethereum’s dominance will rise in the coming months. 

ETH’s Move To Trigger Altcoin Season

In an X post, crypto analyst Mikybull Crypto stated that the Ethereum price is following the Wyckoff re-accumulation schematic. He further remarked that this massive move will trigger altcoin season after ETH reaches the “SOS” level around $3,000. His accompanying chart also showed that he expects Ethereum to reach as high as $3,200 in the short term. 

In another X post, Mikybull Crypto alluded to the fact that Bitcoin’s dominance was dumping even as the BTC price rises. The analyst remarked that this development means something, hinting at a potential altcoin season on the horizon. This is bullish for the Ethereum price and other altcoins as they would outperform BTC during this period. It is worth mentioning that Mikybull Crypto has also predicted that ETH can reach $10,000 in this market cycle.

At the time of writing, the Ethereum price is trading at around $2,988, up over 7% according to data from CoinMarketCap.