Markets
Biggest AltSeason Since 2017 Could Be on the Horizon
Cryptocurrency markets have become more volatile as the prices of major tokens are not validating any specific price action. This shift of exhibiting more strength in the early days of the week seems to be a fear as the weekend is approaching. Therefore, it seems that the markets are moving towards validating another bearish weekend for the month as the bulls remain passive after a small rally.
Will ETH Price Drop Below $3000? Will Altseason Be Different in Different Future?
After the 2021 bull run, the wait for a strong Altseason had to end at the beginning of the year 2024. Unfortunately, the bulls gave up after the BTC Price formed a new ATH and forced the markets into a bearish consolidation. In times when the possibility of an AltSeason is cast with a dubious eye, the possibility of its beginning is just a stone’s throw away.
The short-term price action of ETH/BTC suggests that Ethereum is about to face some weakness against Bitcoin as the levels are heading towards lower support. The RSI is constantly forming lower lows and lower highs, which could eventually reach the lower support area. As long as ETH/BTC holds above the 200-day MA levels, the possibility of a bullish reversal remains high. If the levels break down, altcoins could start a new bearish spell along with the ETH Price.
However, in the long term, ETH/BTC appears to be heading towards the end of the descending wedge that began in the second half of 2022. As the weekly RSI is bullish and moving within an ascending parallel channel, the possibility of a continued rally remains quite high. Therefore, after a brief consolidation, ETH/BTC is expected to trigger a breakout above the resistance and reach the mid-range between 0.06 and 0.061 BTC. However, to begin with, in an altseason, the levels are needed to maintain a strong uptrend from here on out. Once the levels rise above 0.085 to 0.09 BTC, traders can expect rallies, which could be followed by a price decline.