The post Ethereum Gaining Strength Against Bitcoin: The Biggest AltSeason Since 2017 Could Be on the Horizon appeared first on Coinpedia Fintech News
The crypto markets have become more volatile as the prices of the major tokens are not validating any specific price action. This change from displaying more strength in the first few days of the week seems to be, a fear as the weekend is approaching. Therefore, it appears that the markets are moving ahead to validate another bearish weekend for the month as the bulls remain passive after a minor upswing.
Will the ETH price drop back below $3000? Will the Altseason be differed in a distinct 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 compelled the markets to maintain a descending consolidation. In times when the possibility of an AltSeason is cast with a doubtful eye, the possibility of the start is only a stone’s away.
The short-term price action of ETH/BTC suggests Ethereum is about to face some weakness against Bitcoin as the levels are heading to hit lower support. The RSI is constantly forming lower lows and highs, which may end up reaching the lower support area. As long as the ETH/BTC sustains above the 200-day MA levels, the possibility of a bullish reversal continues to remain high. If the levels plunge, then the altcoins may begin with a fresh bearish spell along with the ETH price.
However, in the long term, the ETH/BTC seems to be heading to the end of the falling wedge that began in the second half of 2022. As the weekly RSI is bullish and moving within a rising parallel channel, the possibility of a continued upswing remains pretty high. Therefore, after a brief consolidation, the 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 required to maintain a strong ascending trend hereafter. Once the levels surge above 0.085 to 0.09 BTC, traders can expect highs, which may be followed by a price slash.