Ethereum has had an incredible year thus far, breaking its former all-time high on its USD pair and soaring well above it. However, on its Bitcoin trading pair, the <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/altcoin/">» Read more</a><p></div>”>altcoin has struggled to get anywhere near its former highs.
According to one crypto trader, that all is about to change, and it is finally “showtime” for Ethereum to take the center stage in the crypto market.
Crypto Trader: It’s Showtime For Ethereum
At the height of the last bull market, ICO fever propelled Ethereum to its then all-time high of $1,400 per token. During peak <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/altcoin/">» Read more</a><p></div>”>altcoin season – a period when the alternative cryptocurrencies outperform Bitcoin by a large margin –the ratio of Ethereum to Bitcoin rose as high as 0.1.
Related Reading | Altcoin Market Cap On The Verge Of Life-Changing Breakout
A dramatic 90% fall against the first ever cryptocurrency took place in the months following, and the top ranked <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/altcoin/">» Read more</a><p></div>”>altcoin and backbone of the DeFi movement has been struggling to return to those highs.
It could finally be “showtime” for Ethereum, according to one crypto trader. The analyst has shared a chart depicting a clear breakout from downtrend resistance on the ETHBTC trading pair, following a short-term Adam and Eve bottoming formation.
Ether is breaking out against Bitcoin after putting in an Adam and Eve bottom | Source: ETHBTC on TradingView.com