Story Highlights
Ethereum price stagnates between $3,000 and $3,100 as markets turn slightly bearish after minor gains
Additionally, altcoins also failed to maintain strong upward momentum as ETH price failed to show the required strength
Regardless of the bearish cloud hanging over the crypto market, the possibility of altcoins gaining mainstream attention and leading to an AltSeason has emerged.
The crypto market has become more volatile as the prices of major coins have not validated any particular price action. As the weekend approaches, the change seems to be one of fear compared to the previous days of the week when it showed more strength. Therefore, the market seems to be moving forward to validate another bearish weekend this month as bulls remain passive after a small rise.
Will ETH price fall back below $3,000? Will Altseason be different in a radically different future?
After the bull run in 2021, the wait for a strong Altseason had to end in early 2024. Unfortunately, the bulls gave up after the BTC price formed a new ATH and forced the market to remain in a downward consolidation. At a time when people doubted the possibility of the AltSeason, the possibility of its start was only a stone's throw away.
The short-term price action for ETH/BTC suggests that Ethereum will face some weakness against Bitcoin as the level is about to hit lower support. The RSI keeps forming lower lows and highs and may eventually reach the lower support area.
As long as ETH/BTC remains above the 200-day MA, the probability of a bullish reversal will continue to remain high. If the level breaks down, then the altcoins may start a new bearish spell 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. As the weekly RSI is bullish and moving within an ascending parallel channel, the probability of a continued uptrend remains high. Therefore, after a brief consolidation, ETH/BTC is expected to trigger a breakout above the resistance and reach the middle range between 0.06 and 0.061 BTC.
However, first, in the alternative season, the level is needed to maintain the strong uptrend thereafter. Once the level surges above 0.085 to 0.09 BTC, traders can expect a higher high, which may be followed by a price drop.
