They hope BTC can retake control and bring ETH back to price discovery
A major correction is expected before a massive surge can arrive.
The crypto market has had a rough few weeks, with the prices of the pioneer crypto and altcoin assets falling to lower prices after just having set promising new ATH prices, which could have launched both assets into a bullish price discovery phase. After the dip, analysts are pleased to see ETH/BTC pair drop and hope that BTC will take control and push ETH back into the price discovery phase once again.
Analysts Pleased to See ETH/BTC Pair Drop
Last month, both the price of the pioneer crypto asset, Bitcoin (BTC), and the pioneer altcoin asset, Ethereum (ETH), went on to set new ATH prices just ten days apart. In detail, the price of BTC went on to hit a new ATH at the $125,000 price level, beating its previous ATH record in the $124,000 price range, while the price of ETH went on to hit a new ATH at the price of $4,900, beating its previous ATH set in the $4,800 price range set last bull cycle
Since both assets sets their new ATH prices, the market tumbled steadily, with BTC taking the biggest hit. Now, the price of BTC has been trading in the $110,000 price range for the last few days. Similarly, ETH price fell as low as $4,100, but has been trading steadily between the $4,300 and $4,400 price range, showing that the price of ETH has been steadily and continuously outperforming BTC over the last few months
Can BTC Lead ETH to Price Discovery Once Again?
With expectations for an even greater market drop on the horizon, analysts are keeping a close eye on crypto price charts to determine when the market correction will occur, so they can take the right measures to ensure they face minimal losses. At the moment, several indicators support a short-term bearish reaction and a long-term bullish outlook after the market recovery phase completes.
As we can see from the post above, one promising sign for recovery and pump comes from the observation made there, that there is a drop in the ETH/BTC pair. The post concludes that this is actually good for the overall health of the market, with Bitcoin Dominance up, ETH down and BTC up. This could allow for a proper altseason rotation in the crypto market, so BTC can take back control and lead ETH back into the price discovery phase.
Another reputed analyst adds to the conversation, saying that the head and shoulder pattern on the ETH price chart could lead to lower ETH prices, which could work with the correction expectation. The post states that bulls will have to work very hard to invalidate this pattern and retrace the chart, so bullish prices can come for ETH instead. However, in the long run, ETH is expected to enter price discovery gain in Q4
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Analysts Pleased to See ETH/BTC Pair Drop and Hope BTC Will Lead ETH to Price Discovery Again
Analysts pleased to see ETH/BTC pair drop
They hope BTC can retake control and bring ETH back to price discovery
A major correction is expected before a massive surge can arrive.
The crypto market has had a rough few weeks, with the prices of the pioneer crypto and altcoin assets falling to lower prices after just having set promising new ATH prices, which could have launched both assets into a bullish price discovery phase. After the dip, analysts are pleased to see ETH/BTC pair drop and hope that BTC will take control and push ETH back into the price discovery phase once again.
Analysts Pleased to See ETH/BTC Pair Drop
Last month, both the price of the pioneer crypto asset, Bitcoin (BTC), and the pioneer altcoin asset, Ethereum (ETH), went on to set new ATH prices just ten days apart. In detail, the price of BTC went on to hit a new ATH at the $125,000 price level, beating its previous ATH record in the $124,000 price range, while the price of ETH went on to hit a new ATH at the price of $4,900, beating its previous ATH set in the $4,800 price range set last bull cycle
Since both assets sets their new ATH prices, the market tumbled steadily, with BTC taking the biggest hit. Now, the price of BTC has been trading in the $110,000 price range for the last few days. Similarly, ETH price fell as low as $4,100, but has been trading steadily between the $4,300 and $4,400 price range, showing that the price of ETH has been steadily and continuously outperforming BTC over the last few months
Can BTC Lead ETH to Price Discovery Once Again?
With expectations for an even greater market drop on the horizon, analysts are keeping a close eye on crypto price charts to determine when the market correction will occur, so they can take the right measures to ensure they face minimal losses. At the moment, several indicators support a short-term bearish reaction and a long-term bullish outlook after the market recovery phase completes.
As we can see from the post above, one promising sign for recovery and pump comes from the observation made there, that there is a drop in the ETH/BTC pair. The post concludes that this is actually good for the overall health of the market, with Bitcoin Dominance up, ETH down and BTC up. This could allow for a proper altseason rotation in the crypto market, so BTC can take back control and lead ETH back into the price discovery phase.
Another reputed analyst adds to the conversation, saying that the head and shoulder pattern on the ETH price chart could lead to lower ETH prices, which could work with the correction expectation. The post states that bulls will have to work very hard to invalidate this pattern and retrace the chart, so bullish prices can come for ETH instead. However, in the long run, ETH is expected to enter price discovery gain in Q4