Will Ethereum lead next Altseason? ETF & Fusaka update in focus!Ethereum ETFs have recently seen significant inflows, outpacing Bitcoin ETFs, just ahead of the upcoming Fusaka upgrade in November.
Ethereum recently broke above its previous record high, a move that was anticipated in earlier analysis, and is pulling back before shooting higher. For a sustained move higher, a strong breakout with increased volume and momentum is needed. There are signs of momentum exhaustion, so traders should watch for confirmation before expecting further upside.
A classic cup and handle formation opens the door to $6,200 if resistance is cleared, with key support at $4,115 (previous resistance now acting as support) and a deeper pullback exposing $3,500. But this would not necessarily change the long-term bullish outlook.
Indicators to Watch
Bitcoin Dominance:
Bitcoin’s market dominance is currently around 55%, suggesting the market is still Bitcoin-led, and a true “altseason” may be at its early stage.
Total Crypto Market Cap:
Watch for breakouts in the total crypto market cap (TOTAL3 - excluding Bitcoin and Ethereum) and the formation of bullish patterns for confirmation of a broader market uptrend.
Altcoin Season Index:
The index remains below the threshold for a full altseason but is rising, indicating that Ethereum and other altcoins are not broadly outperforming Bitcoin but are nearing breakout.
Short/Medium-Term Outlook:
Expect continued consolidation or a possible pullback before any sustained move higher if support above $4,115 holds firm.
Long-Term Outlook:
As long as Ethereum holds above the 50% retracement level, the long-term trend remains positive. A confirmed breakout above resistance could signal the next major upward phase.
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