Ethereum beats Bitcoin in the last 24 hours: Is altcoin season finally here?

• Ethereum outperformed Bitcoin as a whale moved 5000 ETH.
• ETH liquidations cooled off as ETF flow stabilized. 

Ethereum [ETH] surged 6.9% in the last 24 hours, outpacing Bitcoin’s [BTC] 1% gain. This sharp rise suggested renewed confidence in the crypto market after a challenging week.

This outperformance thus raises a question: Is the altcoin season beginning, with traders and investors now more focused on alternative cryptocurrencies?

Source: Quinten on X

Adding to Ethereum’s recent outperformance of Bitcoin, a major ICO whale moved another 5,000 ETH ($13.2M) to OKX just before the price drop. 

Source: SpotOnChain

Since the 8th of July, the whale has deposited 48,501 ETH ($154M) at around $3,173 each. The whale still holds 303.5K ETH ($744M) across two wallets, and this could be a signal for the start of an altcoin season.

ETH long liquidations cooling off

Ethereum’s price drop raised bearish concerns, but large liquidations indicate the futures market may be stabilizing. 

As ETF flows stabilize, a bullish recovery could emerge and an increased demand for ETH might drive renewed interest, leading to a sustained rally. 

The market’s reaction in the coming days will be key to determining the trend’s direction.

Source: CryptoQuant

ETF flow stabilizes

Ethereum’s outlook is improving as ETF flows stabilize and leveraged traders exit the market. On-chain metrics are showing positive signs, suggesting the worst may be over. 

All indicators point to a potential price increase in the coming weeks, signaling a possible bullish trend for ETH.

Source: Coinglass

ETH to fill CME gap

Ethereum’s current price movement has created a CME gap, and with markets often closing such gaps, ETH is likely to rise to fill it. 

This upward momentum could indicate the beginning of an altcoin season, suggesting a favorable trend for Ethereum and other altcoins in the near future.

Source: TradingView

Read Ethereum’s [ETH] Price Prediction 2024-25

During the 2020-21 bull run, Ethereum broke out, consolidated, and then rallied. The same pattern is likely to repeat for the 2024-25 altcoin season. 

A breakout is expected in November/December 2024, with a strong upward trend starting in Q1 2025. These signals further suggest Ethereum and altcoins might be gearing up for another bull run.

Source: TradingView