- Bitcoin and Ethereum run into some resistance.
- Analysts expect a breakout and rally to follow a longer consolidation phase.
- Traders and investors are advised to practice patience.
The pioneer crypto asset, Bitcoin (BTC) , and pioneer altcoin asset, Ethereum (ETH) , are yet to begin their recovery run. In detail, analysts notice how Bitcoin and Ethereum run into some resistance, which could lead to a longer consolidation phase, allowing crypto traders and investors to accumulate more BTC and ETH before a breakout and rally could push both promising assets back up to the price discovery region.
Bitcoin and Ethereum Run Into Some Resistance
The price of BTC went on to hit a new ATH in August at the $124,000 price range, just above its previous ATH in the $123,000 price range earlier that quarter. After ten days, the price of ETH went on to hit a new ATH at the $4,900 price range, beating its previous ATH price in the $4,800 price range set 4 years ago, marking the pioneer altcoin’s entrance into this bull cycle price discovery range.
While Bitcoin went on to enter price discovery this bull cycle before the Bitcoin Halving event, it took Ethereum over a year to enter its price discovery range. However, several altcoins like ONDO, SUI, and FET set new ATH prices last year alongside BTC’s pump. Similarly, altcoins like BNB and SOL went on to set new ATHs this year, making ETH among the last of them to enter the price discovery phase this bull cycle.
Breakout and Rally to Follow Consolidation Phase
This delay in a total altcoin market pump was caused by ETH’s slow pump, which was caused by BTC’s early pump. Now, with the market in a much healthier state after the Q1 correction, analysts expect altcoin prices to flourish by Q3. In contrast, historical data suggests that September could be a bearish red month, meaning the prices of BTC and ETH fall dramatically this month.
Some believe that the Fed’s rate cut announcement will first lead to BTC and ETH setting a new bottom with BTC falling below $100,000 to close a CME Gap in the $90,000 – $95,000 price range. With these expectations in mind, analysts notice that BTC and ETH are running into some resistance , as shown in the image accompanying the post above. One response adds that altcoins, not counting ETH are pressing against that resistance, which will lead to an explosive altseason arrival .
The response concludes that the market loves to fake boredom, then liquidate shorts out of nowhere. It also declares that a few weeks of dips would be healthy for the market, allowing altcoins to break that 1.1 trillion zone. The analyst in the post above also mentions that patience here is key and that another rally will make its debut soon, pushing both ETH and BTC back to their bullish price discovery phases soon.
