Markets
The Biggest Alternative Season Since 2017 Could Be On The Horizon
Cryptocurrency markets have become more volatile as major token prices fail to validate any specific price action. This shift from showing more strength earlier in the week seems to be a scare as the weekend approaches. Therefore, it seems like markets are moving forward to validate another bearish weekend for the month as bulls remain passive after a small recovery.
Will ETH Price Drop Below $3000 Again? Will Altseason Be Different In A Different Future?
After the bull run of 2021, the wait for a strong Altseason was supposed to end at the beginning of 2024. Unfortunately, the bulls gave up after the BTC Price formed a new ATH and forced the markets to maintain a downward consolidation. In times when the possibility of an AltSeason is cast with a dubious eye, the possibility of the 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 consistently forming lower lows and higher 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 continues to remain high. If the levels collapse, then altcoins could start a new bearish period along with the ETH Price.
However, in the long term, ETH/BTC seems to be heading towards the end of the falling wedge that started in the second half of 2022. Since the weekly RSI is bullish and moving inside a rising parallel channel, the possibility of a continued upside 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 alternate season, the levels are expected to maintain a strong uptrend thereafter. Once the levels clear 0.085-0.09 BTC, traders can expect highs, which could be followed by a price breakout.