Ethereum is on a sharp upward trend, signaling the onset of an ‘Altseason,’ according to technical assessments and blockchain data. Investors are optimistic as Ethereum breaks through key resistance levels. ProfessorAstrones, a well-known crypto analyst, highlighted this potential in a recent X thread.

Since October, Ethereum has been steadily climbing within a well-defined price channel. Its recent breakout above this channel, particularly in a significant green area on the analyst’s chart, indicates strong potential for altcoin performance.

On-chain data supports this outlook, showing increased buying activity from corporations and wealthy individuals, especially after the Bitcoin ETF approval. The top 1,000 Ethereum wallets have increased their holdings by 570,000 ETH, now totaling 64.6 million ETH, according to Santiment.

The market has responded positively, with Ethereum’s price currently at $2,529.98—a 10.58% rise over the past week—and a market value of just over $304 billion. This combination of technical breakouts and on-chain accumulation suggests Ethereum is paving the way for a broader altcoin rally, attracting both seasoned and novice investors ahead of a potentially lucrative Q1.