Bitcoin (BTC) is currently approaching $40,000 after seeing massive gains in the first seven days of 2021. This is a 100% move up from the previous all-time high in December 2017. In other words, the price levels it took Bitcoin three years to recoup have now nearly doubled in a matter of weeks.
ETH, BTC price gains, January 2021. Source: Digital Assets Data
Meanwhile, the price of Ether (ETH) has surged by more than 100% in three weeks. However, it is yet to break its all-time high of roughly $1,420 on Jan. 13, 2018.
Therefore, the primary question is whether altcoins will underperform, keep pace, or outperform BTC in the near term. Let’s look at the ETH price charts to get an idea where this “altseason” can go in the near term.
Ether reaches second Fibonacci level for a potential top ETH/USD 3-day chart. Source: TradingView
The three-day chart for Ether is displaying a vertical rally in recent weeks,