Bullish ETH V-Shape Recovery Scenario Draws Crypto Investor Eyes to the Ethereum Price Chart

Analyst highlights a bullish signal on the Ethereum price chart

He draws light to the ETH v-shape recovery scenario.

The pattern resembles Bitcoin’s bullish move in the previous bull cycle.

As the price of Bitcoin continues to stagger in the lower $80,000 price range, seasoned analysts are steadily shifting sights to altcoins. Presently, many analysts are watching the pioneer altcoin Ethereum (ETH). According to one analyst, the Ethereum price chart is forming an ETH v-shape recovery scenario.

Can ETH Still Set a New ATH This Bull Cycle?

With the price of Bitcoin falling at a steady pace, and with more predictions for greater dips to the $70,000 price level and lower growing, analysts are keeping a close watch on the BTC Dominance. If BTC Dominance falls then altcoins will likely finally have their moment to shine, possibly pulling promising altcoins into the peak altseason phase

Several altcoins have already pumped heavily so far this bull cycle, some even having set their own new ATHs. However, assets like XRP and ETH have not yet set a new ATH this bull cycle. This means that ETH will lead the altseason soon after it sets a new ATH and the currency expectation expects this price action to occur as soon as possible

Bullish ETH V-Shape Recovery Scenario

As we can see from the post above, this analyst highlights a bullish signal forming on the Ethereum (ETH) price chart. In detail, the analyst spots an ETH v-shape recovery scenario. He then goes on to state that the ETH market structure closely resembles Bitcoin’s from the previous bull cycle. Thereby, he lights a bullish expectation for ETH price to pump parabolically very soon.