He added that the real altcoin season begins when Bitcoin’s dominance drops beneath 50%. Related Reading: Crypto Analyst Says End Of This Bitcoin Bear Trap Could Drive Price To $72,000 Meanwhile, Grayscale’s Ethereum Trust (ETHE), which has recently contributed much of the selling pressure on Ethereum, recorded its first zero-flow day since converting to a Spot Ethereum ETF. This is undoubtedly a positive for Ethereum, especially considering that Grayscale’s Bitcoin Trust (GBTC) recorded 78 consecutive outflow days before registering its first day without an outflow.
Crypto analyst Poseidon also believes that Ethereum’s price can rise as high as $8,000. Meanwhile, crypto analyst DavidOnCrypto has provided a timeline for when Ethereum could reach $8,000, stating that it will happen in the next six months.
He added that the 75% move to this target and above can take place with the breakout and divergence holding. Related Reading: Legendary Fibonacci Extension Reveals When Bitcoin Will Reach $109,000 From the chart he shared, Marks also suggested that Ethereum’s price could rise to $8348.
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