Crazy altcoin bull market is coming? Analyst reveals 'this chart': Ether against Bitcoin bottom has appeared

Ether spot ETF grows rapidly

With BTC ($BTC) rebounding strongly for several consecutive days, investment products related to cryptocurrency have attracted a capital inflow of $1.98 billion, according to CoinShares data.

In the inflow of funds, Ethereum ($ETH), the second largest Cryptocurrency by market capitalization, became one of the biggest beneficiaries, with the exchange-traded fund (ETF) tied to Ethereum receiving an inflow of up to $157 million, an increase of nearly 1,652% in one week. The cumulative inflow this year has reached $915 million, a historic high. 01928374656574839201

In addition, there has been a significant rise in Ethereum's trading activity. According to IntoTheBlock's statistics, the weekly volume on the Ethereum chain exceeds $60 billion, and the 24-hour volume is $53.24 billion, which is the highest record since July this year.

Image source: CoinGeko Ethereum Price Chart

Strong volume rise and capital inflows also drive the continuous rise in Ethereum ($ETH) price. According to CoinGecko data, Ethereum ($ETH) has risen by over 35% since July, reaching $3,322 at the time of writing, with a nearly 4.1% increase in a single day.

Ethereum vs. BTC: or ready to touch the bottom Rebound

From the historical perspective, when BTC pauses briefly in the bull market, it is often the time for altcoins to counterattack (altcoin season). One of the important indicators to determine whether the altcoin season has begun is the trading pair of Ether and BTC ($ETH/$BTC).

Renowned cryptocurrency analyst Benjamin Cowen recently pointed out in his latest video that $ETH/$BTC may have 'bottomed out' from a chart perspective and is on the verge of a rebound.

Image source: Toutube $ETH/$BTC Historical trend

Since the beginning of the year, Ethereum ($ETH) has been relatively weak compared to BTC ($BTC), but Benjamin Cowen mentioned that, based on historical data, $ETH/$BTC has experienced similar declines before each Rebound in previous cycles.

For example, in the Bear Market of 2016 and 2019, $ETH/$BTC dropped by about 50% and 30% respectively, and this year $ETH/$BTC also experienced a similar decline of about 30%, which closely overlaps with historical data in terms of trend.

Benjamin Cowen believes that even though it has not yet hit bottom, the value of $ETH/$BTC is very close to its low point. This means that the next time BTC ($BTC) experiences a rebound, it is very likely that it will be the moment when Ethereum ($ETH) sees its biggest rebound of the year.

Benjamin Cowen also pointed out that Ethereum has accumulated enough momentum during the current consolidation period to effectively absorb short-term dumping pressure from the market. If Ethereum can maintain support above the 200-day moving average and break through the key resistance of $4,000, it is expected to challenge a new historical high.

Overall, analysts believe that the rise of Ether ($ETH) has just begun, with the $ETH/$BTC indeed hitting the bottom and a 'real altcoin season' may be on the horizon. At that time, Ether will be one of the main driving forces, potentially showing a stronger rise momentum than Bitcoin.

'Is the crazy altcoin bull market coming? Analyst reveals 'this chart': Ether has bottomed out against Bitcoin.' This article was first published on 'encryption city'.