Analysis of ETH Price Action and Altseason Possibilities in Crypto Markets
The crypto markets are experiencing increased volatility as major tokens struggle to validate any specific price action. With the weekend approaching, fears of another bearish weekend are looming as the bulls remain passive after a minor upswing.
One of the key questions on investors’ minds is whether the price of Ethereum (ETH) will drop back below $3000. Additionally, there is uncertainty surrounding the timing of the much-anticipated Altseason, which was expected to kick off at the beginning of 2024 but has yet to materialize.
In the short term, the price action of ETH/BTC suggests that Ethereum may face some weakness against Bitcoin as levels head towards lower support. The Relative Strength Index (RSI) is forming lower lows and highs, indicating a potential bearish trend. However, as long as ETH/BTC remains above the 200-day Moving Average levels, there is still a possibility of a bullish reversal.
Looking ahead, in the long term, ETH/BTC appears to be nearing the end of a falling wedge pattern that began in the second half of 2022. The weekly RSI is bullish and moving within a rising parallel channel, suggesting a continued upswing. Traders are hopeful for a breakout above resistance levels and a move towards the mid-range between 0.06 and 0.061 BTC.
Overall, while the crypto markets are currently facing uncertainty and volatility, there is still optimism for a potential bullish trend in the long term. Investors will be closely monitoring price movements and key support levels to gauge the future direction of the market.
