The altcoin news and rumors this year showed that alternative cryptocurrencies such as Ethereum, Ripple and others have not had the brightest year and underperformed when compared to Bitcoin (BTC). Still, a quite accurate Ethereum fractal now shows that the biggest altcoin could soon break out and outperform Bitcoin, propelling altcoins out of the gutter and into a new altseason.
The truth is, 2019 has been mostly about Bitcoin and its safe-haven narrative. The ETH news were never in the positive focus – they were only there when ETH shed points and lost a lot of its value. Despite the fact that BTC drove the price of the leading cryptocurrency by market cap up by 350% at its high of $14,000, the situation may be changing now according to this Ethereum fractal.
As you can probably remember, during the meteoric run of cryptocurrencies and during the $20,000 Bitcoin, Ethereum (ETH) has managed to reach an all time high at $1,400. However, throughout this year, the altcoin managed to regain only 25% of the ground that it lost during the bear market and downtrend.
This may soon change, the Ethereum fractal shows. Shared by one well-known and popular crypto analyst, this fractal illustrates an ETH/BTC trading pair price chart and a pattern that very closely mimics one that played out just before Ethereum had its first altseason, when it exploded in value against the Bitcoin ratio.
For the ETH heads:ETH/BTC Fractal pic.twitter.com/BEOMnWfyUA— Nunya Bizniz (@Pladizow) December 4, 2019
For the ETH heads:
ETH/BTC Fractal pic.twitter.com/BEOMnWfyUA
— Nunya Bizniz (@Pladizow) December 4, 2019
As the chart from above implies, prior to the price action notated with 7 total waves, a miniature version of the price action can already be seen. The Ethereum fractal shows that with the same exact peaks and troughs, ETH has a massive potential to create a new wave that will send the price skyrocketing to new heights.
ETH/BTC has completed what it appears to be the sixth wave down once again. This could indicate that an extremely powerful wave number seven is about to begin. This may cause Ethereum to greatly outperform Bitcoin for the foreseeable future and make up for the ground it lost throughout the year.
Still, this is only a theory. The last time this occurred, ETH helped drag the entire altcoin market upwards, causing the altseason – a period of time when altcoins trended and significantly outperformed Bitcoin as a result.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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