Ethereum

2024

Cardano

Bitcoin

The post <a href="https://coinpedia.org/price-analysis/ethereum-cardano-displaying-acute-weakness-against-bitcoin-has-altseason-2024-differed/">Ethereum &amp; Cardano Displaying Acute Weakness Against Bitcoin, Has AltSeason 2024 Differed?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The market dynamics appear to have changed to a large extent as the prices of the majority of the cryptos have plunged below the crucial support as Bitcoin <a href="https://coinpedia.org/price-analysis/bitcoin-losing-crucial-support-here-is-what-one-can-expect-from-the-btc-price-rally/" target="_blank" rel="noreferrer noopener">slumped hard to close to $60,000</a>. During the previous pullback, many speculated a drop below the levels, but the token underwent a rebound from the levels similar to the previous day. Therefore, it is quite obvious that the market participants are no doubt bullish on Bitcoin but wish to accumulate below the lower support.&nbsp; 
With this, the second-generation and third-generation cryptos, Ethereum &amp; Cardano, have fallen weak and display a huge possibility of reaching the lower support zone, this summer. A popular analyst, <a href="https://twitter.com/intocryptoverse" target="_blank" rel="noreferrer noopener nofollow">Benjamin Cowen</a>, believes the ongoing pullback is quite natural in the BTC price rally, but has also mentioned its reverse impact over the other top altcoins as well. For instance, the ETH price, which has slumped below $3000, holds a huge possibility of witnessing another pullback before initiating a rebound.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/lpGXFu3r-vj2Td2-AdZFfZIsNvxP0OllAAjmO9PJgaFzZa9chp9LysBxGusL_QtiIypsMw1TJcKAsiMOcFm-NRhRK4kw78EhkiM3MEdgfALediHCLeD8JYMwGbDBpKTXTntsr3oQAoqSQmz9_cfz3d4" alt="">
</figure> 
Considering the above chart, the analyst says that the ETH/BTC has been closely following the previous trend. According to this, the pair had a bottom just after the first rate cut after breaking the support. Therefore, a similar rally can be expected at present wherein the pair could find its bottom somewhere below 0.035 BTC.&nbsp; 
On the other hand, the analyst shares a similar view on Cardano, as the ADA/BTC pair is closely following descending support.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/pOF7nCbZ95o1ccMarudismSajhT_QWjVhtnKBcLYezlMU6B7HCX9gf6QkKNxOo7pKOKyjuJ7UU66-Es5XdrSwmh8ZbLteP_XojDeKHu-NWCSpsgwe1AnZTHVxnhkAEPTXEw8cFWvivJrOK7dxyqWZL4" alt="">
</figure> 
Much like the ETH price rally, the ADA price is also following a previous trend as ADA/BTC is trading, sticking along the lower trend line. Therefore, the current trade setup suggests the pair could eventually bottom at 0.0000035 BTC, which may further trigger a massive bullish spell. However, the analyst believes both pairs may find their bottoms during the summer, beyond which a healthy rebound can be expected.&nbsp;

Ethereum & Cardano Displaying Acute Weakness Against Bitcoin, Has AltSeason 2024 Differed?

CoinPedia News

Otros artículos publicados el 14 abr 2024

Protect Your Investment Future: Three Essential Tokens to Safeguard Your Portfolio

Attention Traders: XRP Breaks Multi-Year Consolidation, May Drop Below $0.3 if This Trade Plays O...

Cryptocurrency EOS dropped by 11% in bearish trading with a pullback.

Investor Alert: Dogecoin Faces Major Sell-Off as Market Sheds Value

Crypto News: Key Events Next Week That Can Determine Bitcoin Bull Run

NFT Mania: Will Scorpion Casino (SCORP), Decentraland (MANA), & The Sandbox (SAND) Lead the Metav...

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!