According to Material Indicators, recent price action in the cryptocurrency market has been significant, with Bitcoin (BTC) achieving a new all-time high and Ethereum (ETH) touching the $3,000 price level. The analysis highlights that select altcoins are also breaking out from long-term lows. Key on-chain indicators, specifically the divergences observed between Bitcoin Dominance, the TOTAL3 index (total crypto market cap excluding BTC and ETH), and Stablecoin Dominance, are providing strong signals that an 'alt season' may be imminent. However, the source notes that the potential duration of this altcoin rally remains uncertain.

According to Miles Deutscher, the TOTAL3 chart, which represents the total cryptocurrency market cap excluding Bitcoin and Ethereum, may have formed a double top pattern. This pattern is often seen as a bearish signal, indicating a potential reversal in the market trend. Traders should monitor this development closely as it could suggest a forthcoming decline in altcoin prices. The analysis is based on the chart pattern observed by Deutscher.

According to Material Indicators (@MI_Algos), Bitcoin has established a new local support level, which is a positive sign for traders looking at price stability. Additionally, the TOTAL3 index, which excludes Bitcoin and Ethereum, has shown growth, indicating that altcoins might be finding a bottom, signaling potential opportunities for traders in the altcoin market.