ETHEREUM Surge To Trigger Altcoin BOOM! (Bitcoin Dominance Crumbles)

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In this video, I discuss the remarkable breakout of Ethereum, currently priced around $3,100, and its implications for Bitcoin, Bitcoin dominance, and altcoins as we enter a new cycle in the crypto space. I emphasize the uniqueness of this cycle compared to previous ones, backed by technical analysis of Ethereum’s weekly and monthly charts, including a significant observation of the Relative Strength Index (RSI) being at its highest since November 2020—a pivotal moment that marked the beginning of a bull market. This video explores Ethereum’s leadership role in this cycle, its effect on Bitcoin dominance, and the potential for altcoins to experience substantial moves. Additionally, I cover the concept of ‘bull market doors’ and how breaking through these levels historically signals powerful moves in the crypto market. The video also touches upon the importance of market cap in predicting the potential for gains among different cryptocurrencies, with Ethereum serving as a prime example of strength and dominance in the current market landscape.

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Intro 00:00
Ethereum monthly chart exploding 00:40
ETH/BTC tells the story 2:10
Bitcoin dominance continues to fall 3:30
ETH monthly doing something special 4:50
ETH weekly momentum 6:05
Ethereum targets and potential dip 7:40
Google trends on Ethereum 10:50

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Look at this insane breakout for ethereum right now around $3,100 I want to talk about not only the technical analysis aspect of this move on the weekly chart for ethereum but I want to talk about what it means for Bitcoin Bitcoin dominance and just altcoins in

General as we go into this new cycle this is a massive cycle for the crypto space I feel like we can say it every time but this time truly I really think uh it’s different and I want to explain why hit the Subscribe hit the like let’s jump into this crypto video where

Ethereum really is leading the way as we enter this brand new week this is ethereum on the weekly we’re going to look at that we’re going to look at ethereum on the monthly as well so one thing that kind of gave me an idea to do

This video was this post on X I just saw from Jesse Olson over here on X he said fun fact on ethereum’s monthly chart the relative strength index the RSI it’s a slower moving momentum oscillator is the highest since November 2020 I if you post something about this date November

2020 let me just highlight that my eyes will will open my eyebrow will be raised and you all know why if you follow my channel I track the bull market doors and it was November 2020 when the doors were broken for for crypto it’s a bull

Market high in 2017 to Bare Market low 2018 to Fibonacci channel that green area of resistance Bitcoin in November 2020 broke into that area and really broke out of the area right broke the bull market doors that bull market door area I track on bitcoin so often I talk

About it so much and it has really it has a lot to do with Bitcoin but it has so much more to do with altcoins because when this starts happening it’s the special move on the altcoin charts that are truly getting set up and that’s what we’re seeing here now on ethereum and

This is just across the board as I talk about ethereum here because ethereum is making a really nice monthly move as we’re talking about ethereum what I’m saying really applies to all all the other altcoins so let’s let’s discuss the move that is happening right now and I want to just point something

Out to you before we even talk about ethereum on the monthly ethereum on the weekly targets and all of that look at ethereum BTC so we talk about these bull market doers right and and this is where the Bitcoin dominance story comes into play a little bit so we zoom out on the

Bitcoin there’s a lot going on here but just zoomed out on a Bitcoin weekly you can just see bull market doers I mean all the way I don’t even if you can see all the way back here 2013 doors being broken 17 2017 2020 now potentially again happening right now earlier this

Time before the the having every cycle pass has been after the having but there’s bull market doors being broken on bitcoin check out eth BTC go back to 2017 the bull market doors being broken eth BTC all the way down here right and what I the very simple thing I just want

To display on this is look at the Stepping Stones of eth dominance against Bitcoin every cycle so so 2017 down here and then 2020 the bull market doors being broken right around here November 2020 just look at that right from that area to this area ethereum 120% more

Dominant basically against BTC then we go from 2020 bull market doors if Bitcoin is truly going to break those bull market doors we’re we’re getting ready for a powerful crypto move right now don’t know what’s going to happen exactly because it hasn’t happened yet it’s not been confirmed we’re within the

The region right now but right now ethereum this cycle around 120% 115% again higher than last cycle what does this say everybody Bitcoin dominance continues to fall and I’ve been saying this look at Bitcoin dominance all the way back here around the 2016 having around 95% actually 98% dominance right

And then it’s just been falling and you can see each time these bull market doors being broken it’s falling are the doors being broken right now it’s bullish it’s bullish for Bitcoin but the dominance of Bitcoin is falling it is and so we go and we look at ethereum and

This is these are just the power moves that altcoins make and and ethereum is a top player it’s a number two crypto higher valuation a very high valuation in terms of M market cap and so the power moves for higher market cap coins will be less but even still they’re

Going to be more powerful and dominant than Bitcoin moves and this is what e theorem is displaying so as you go down in market cap it’s very simple you go down in market cap for cryptos the upside potential for percentage gains very simply increases and so it starts

With a very nice illustration with ethereum over the Cycles because again ethereum has multiple Cycles under its belt in terms of trading against Bitcoin and setting up uh these these charts so this is ethereum on the monthly Jesse alluded to the RSI being at this highest level it’s been since November 2020 so

What he’s basically saying in my in my language is since 2020 when Bitcoin broke the bull market doors ethereum is the highest it’s been right to the upside obviously not falling down so and it is true and how amazing is this ethereum is like at the exact same RSI

Level this time when Bitcoin is is in those bull market doors and again if we go to bitcoin this is what it looks like it’s that that yellow rectangle that you see on the screen right there that’s Bitcoin within those bull market doors last time Bitcoin did it we go back to

Last cycle right here the RSI on the monthly is exactly the same when we look at uh the ethereum monthly chart the monthly RSI that’s phenomenal I mean that the the the consistency of this data on of so many different angles you see a lot

Of you if you watch my channel I dissect these charts from different angles we compare different things and it’s amazing like the dots that you can connect and this is just one of them and here we go over the weekly chart same thing on the weekly actually if you go

Look at the weekly chart ethereum making kind of this power move into overbought area the last time it did that was right here what was happening right there that was July 2020 so this was shortly before Bitcoin was breaking where’s November 2020 November 2020 was right here so

Ethereum making the power move actually this actually it’s after having this was the first Power move shortly after the the similar RSI move on ethereum happened and we’re at November 2020 it’s not exactly the same exactly the same however you see the RSI overbought momentum and this is

Exactly what we want to see in a bull market what I want to make a note of in regards to that even with the monthly is it’s easy to get a little bit cautious when things are overbought because it’s like all right it’s overbought time to go back down to

Oversold but in this case and we can go and we can compare these levels on the RI not exactly the same time frame right it’s not this first Power move to the upside was in July August but this was the beginning whether it’s this move or the November bull market door move this

Was the beginning of the parabolic bull market move right so it’s not to say just because we’re overbought it’s time to fizzle back down now that’s not really how these Cycles work we can hang out in overbought territory on the RSI this the slower moving momentum oscillator for quite some time

So very very nice charts there but if we go back to the weekly on on the actual pattern that’s that’s been playing out we’ve been tracking this it’s kind of this Rising wedge right breakout Target I mean it’s it’s it’s not alltime high but it’s very very close below all-time high

$4,200 and that’s the Target and you can just see ethereum right now from where it is we’re looking at around 35% from that area for for an altcoin like ethereum that’s not that’s nothing crazy that could happen that could happen in a week but what I do want to do is before

We talk about that move even continuation for ethereum I want to talk about downside as well this trend line whenever we break patterns I always like to just visualize in my head the fact that this could happen the pull back to the Apex the pull back to the upper

Trend line it’s in play it always is we get and I shouldn’t call it pullback I should called a throwback cuz that’s what it is it could just happen and it’s always for me as we’re look at the Confluence of the 20we moving average at

The upper trend line the 50 we is down there towards the the Apex it’s just a matter of ethereum potentially needing to pull into those moving averages it’s not like ethereum needs to go right to the Target that’s that’s actually usually not how it works it could right

It would be very nice but there’s a chance where ethereum just needs to consolidate and chill out doesn’t have to go all the way back down but it can just consolidate pull into the moving averages before continuation after Bitcoin having maybe because this is the Bitcoin having right around there and

Then it continues to the to the Target right so if it’s going to see continued upside I was actually just looking at the Lux algo the price action Concepts I’ll put a link in in the description below everybody you can you can sign up

With the CCV link um and can you can try out Lux algo but here’s one of their one of their indicators it is this order book level right and this is a nice area of kind of attraction for these cryptos whether it’s support or resistance right here’s

Down here one but up here we could see potential resistance in like the $34 $3600 area if ethereum is going to uh cruise to the upside there there’s there’s there could be a lot of interest in that area maybe some resistance but either way it’s pretty overextended

Right now if you look at the weekly the 20we moving average from where ethereum is it’s 35% overextended the 50e moving average 55% overextended it’s definitely bull market mov moves right there so things are very much heating up for altcoins ethereum could very much be leading the way and it’s doing a really

Good job of just showing us how Bitcoin dominance is falling when we look at the eth BTC chart because we’re not even in the nice parabolic move yet for altcoins in my view we’re not even in altcoin season yet in my view and ethereum look

How look how much higher it is from last time around this time of the cycle it’s higher and same thing goes for the cycle before that so these are things I’m watching on ethereum I think it’s an awesome move it it could be a leading indicator for altcoins in general uh we

Are always just seeing which which one’s moving for a certain week even a certain day and it could be a very nice indicator for whatever altcoins you’re holding because remember these things they take turns and that’s just that’s just the way it goes my time in crypto

That’s what I’ve seen uh and also I just want to end with this I meant to lead with this ethereum if we go here check this out ethereum December January February on Google interest Google Search right here’s ethereum here’s a bull market high right here you can see

Ethereum going crazy but check out November 2020 if we go to November 2020 right around 13 that’s remember or I’m sorry 10 and that’s the last time the bull market doors were broken for Bitcoin November 2020 and look very similar 12 right now in terms of ethereum search term very Sim similar

Area on this chart so not even getting that that par altcoin season bull market move on on Google search just yet but as you can see I think everybody if we’re using Bitcoin charts as the road map for these Cycles ethereum doing a great job of saying you know what things really do

Look extremely consistent and very on track just wanted to throw it out there let me know your thoughts in the comments below everybody I appreciate you I really do I’ll see you in the next video hit the Subscribe hit that like if you enjoyed this video God bless