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Trader Nicholas Merten discovered a “bullish” technical pattern on the chart of a popular cryptocurrency, and also predicted the onset of the “altcoin season” in the coming month
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Trader Nicholas Merten believes that a bullish technical pattern is developing on the Ethereum to Bitcoin (ETH / BTC) chart, which indicates a possible transition of the altcoin into a phase of explosive growth. According to Merten, Ethereum is currently out of the accumulation phase, which has lasted since May 2018 and is ready to start a powerful upward movement.
Next month, the share of altcoins in the digital asset market could set a new all-time high, the analyst predicted. According to him, this will mean that the market is undergoing a full-fledged “altcoin season” (the altcoin season is a period of active growth of alternative coins).
On December 8, Ethereum is trading at $ 4.3 thousand. Over the month, the altcoin has fallen in price by 6%, and its capitalization has decreased to $ 515 billion, according to CoinGecko. On November 10, Ethereum updated its all-time high above $ 4.87K.
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