The significant ETH price rally which we saw yesterday in the Ethereum news motivated many to get with new predictions about the future of the coin. Speaking of, the price of Ethereum saw a bullish breakout against Bitcoin on July 9 and the veteran trader Peter Brandt thinks that this could trigger a new altcoin season.
According to Brandt, the ETH price rally is coming and the coin saw a significant breakout in its ETH-BTC pair on July 9. Brandt believes that this breakout could be the signal that this digital asset needs to initiate a new altcoin season in the near-term. As he tweeted:
“Significant breakout in ETH-BTC with target of .03276 BTC. Most alts should gain on Bitcoin in near future.”
Significant breakout in $ETHBTC with target of .03276 $BTC $ETH Most alts should gain on #bitcoin in near future pic.twitter.com/tYRJk869GN
— Peter Brandt (@PeterLBrandt) July 8, 2020
Strong performance of alternative cryptocurrencies, known as altcoins, has been crucial over the past few weeks. This also coincides with an Ether rally and the expectation that upcoming network upgrades will solve the scaling issues that plague the network during the peak transaction phases.
In the past week, the Cardano news showed a major breakout for ADA. On top of that, we saw the DeFi token COMP rising higher and Chainlink (LINK) too – four altcoins which managed to record substantial gains. If the ETH price rally from yesterday makes ETH one of these proud altcoins, we could definitely see an altseason in the making.
Santiment’s analysis was also interesting and according to it, we can see the following.
$KNC’s top 100 non-exchange addresses have spiked since #Katalyst, and it appears that the top 10 overall holders have upped their ownership of the total supply from 48.6% 48 hours ago, to 52.2% (over half) of the total supply at today’s market close. https://t.co/qX14znoEJ5 pic.twitter.com/BdTWEBlRfB
— Santiment (@santimentfeed) July 9, 2020
The positive sentiment around alternative cryptocurrencies lately is met by exploding demand for decentralized finance-related tokens, all of which is adding to the confidence of investors. The altcoin news now show data from Binance Futures that says investors remain majority long on many altcoin pairs.
In fact, the data shows that more than 50% of traders on the platform are holding long contracts on LINK, ADA, KNC and COMP. Anyways, many including Brandt predict that the ETH price rally from yesterday will continue this month and in the third quarter of 2020, mostly due to a favorable market structure.
Currently, ETH is at $238 and testing the $250 grounds once again. Traders are optimistic of the near-term end for Ether as the altcoin weakened a key resistance level with multiple retests.