The altcoin market that has been overshadowed by Bitcoin dominance of late, might just be setting up for a significant move, often termed an “altseason.” 

Technical patterns, analyst sentiment, and on-chain behavior are all aligning well to an impending altseason.

Analyst Sees Potential Bottom, Urges Patience

Analyst CryptoELITES suggested the market may be bottoming out, forecasting “something big” soon. The analyst advised crypto traders to hold positions through April and May, predicting Bitcoin’s (BTC) dominance would “crash substantially soon.”

Related: OM, MOVE, WAL: Top 3 Trending Coins This Week – Price Analysis

Total 2 Chart: Consolidation Above Key Support After 42% Drop

The crypto total market cap excluding Bitcoin (Total 2) provides technical context. Currently around $986.74 billion, Total 2 rebounded from a local low near $906 billion – a key 0.786 Fibonacci retracement level – and now consolidates below the $1 trillion mark. 

The Relative Strength Index (RSI) is neutral (around 49.34), indicating room for movement in either direction

This consolidation follows a sharp 42% drop from the altcoin market’s all-time high ($1.89 trillion) reached in early December 2024, a surge largely fueled by speculation around potential Trump administration crypto policies that failed to sustain momentum post-election.

ETH/BTC Strength Seen as Key Trigger for Altcoin Rally

However, analyst Daan Crypto Trades noted that a broad altcoin breakout likely requires the ETH/BTC trading pair to gain traction first. Because many altcoins are built on Ethereum or use ETH liquidity pools, a stronger Ethereum often lifts the wider altcoin market.

Related: ‘When Is the Next Altseason?’: Altseason Timing: Index, BTC Dominance & Analyst’ Take

Whales Quietly Accumulating ETH, On-Chain Data Suggests

Adding potential weight to the bullish case, on-chain data reportedly shows whales have been quietly accumulating Ethereum, with hundreds of millions of dollars flowing into ETH, often “under the radar.” 

This accumulation could signal anticipation of a market shift by large players. While the stage might be setting, confirmation likely awaits a decisive move in Total 2 and ETH/BTC.