All eyes have been on Bitcoin cost in contempo weeks as the earth'due south biggest cryptocurrency rallied by more than sixty% in a matter of weeks.

Withal, the focus may soon shift to Ethereum's Ether (ETH) equally it approaches the final resistance zone before a large potential breakout. This is not only the case with the U.S. dollar pair but also with the Bitcoin (BTC) pair, equally the latter may have just reached its wheel low.

Could this mean that there's an alt season on the horizon? The signals are certainly getting stronger by the day. Let's have a looks at the charts.

ETH/USD must break resistance at $450 to break out

ETH/USDT 1-week chart. Source: TradingView

The weekly nautical chart of Ether is fighting the final massive resistance zone before $600, with $800 on the horizon thereafter.

This resistance zone was rejected heavily in the summer, after which a retest of the $300 surface area occurred. This support level has held, which means that a retest of this resistance area is at present on the table.

As stated, Ether's price made a new college loftier, after which the $310 support/resistance flip warranted a higher low. This indicates a bullish uptrend, where further continuation to $800 may just be a thing of fourth dimension.

ETH/BTC finds the bottom?

ETH/BTC 1-week chart. Source: TradingView

The weekly nautical chart for ETH/BTC, notwithstanding, shows a clear rejection at the 0.04 sats resistance. This rejection marks the high of the current range. Through this mark, a retest of the 0.026 sats expanse was the probable upshot.

Therefore, traders should take anticipated such a retest because such levels are often retested before confirmation of a breakout. And because quarter four isn't the best menstruum for altcoins, Ether might be shut to finding a bottom in the BTC pair.

In that regard, the vertical lines mark the bottom of previous retraces, which all bottomed out in December.

In other words, the retrace may be coming to an terminate if history repeats itself again, which means the next alt flavor could occur in the showtime quarter of 2021 and bring Ether closer to $800.

Bitcoin dominance is ascension

BTC Say-so 1-calendar week chart. Source: TradingView

The weekly Bitcoin dominance nautical chart has been showing a clear rally in the by few months. Several arguments tin be fabricated for this surge.

1 of them is the historical and cyclical pattern, during which altcoins tend to underperform in the fourth quarter of the year.

Bitcoin now being in the spotlight is some other statement. With price at present just 20% shy of its all-fourth dimension loftier in 2017, alongside increasing acceptance by institutions and big-name investors revealing that they hold BTC, Bitcoin is solidifying its brand as the king of cryptocurrencies.

However, the resistance zone around 66% to 68% is unlikely to pause further up, equally the market is currently seeing a back up/resistance flip here. The Bitcoin dominance was already rejected once at this resistance zone.

If history repeats, a driblet toward 56% to 57% is very likely to occur for Bitcoin dominance, which would be a very bullish sign for altcoin traders.

Buy the dip if ETH drops to $350?

ETH/USDT ane-twenty-four hour period chart. Source: TradingView

All the same, traders shouldn't become besides bullish at resistance, which is where Ether is at right now. A correction is probable, given that the Fear & Greed Index is currently showing "farthermost greed," comparable to the levels seen at the height high of June 2019.

If such a correction occurs, levels around $320 to $340 may be a great opportunity to enter an ETH position.

If Ether establishes support at that range and starts to attack the resistance at $460 to $480 once more, a massive breakout and impulse wave toward $800 would exist a very likely upshot.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading movement involves risk. Yous should bear your own research when making a decision.