The incredible +150% run that saw Ethereum dramatically outperform Bitcoin has officially hit the brakes. After fueling the recent Altcoin mini-season, the key ratios came to a complete halt, marking a 40-day stagnation. The initial euphoria has faded as the main engine of the Altcoin market is currently idling, raising serious concerns about the stability and short-term future of almost every asset other than BTC.
Is Ethereum entering a healthy accumulation phase?
The strong momentum behind Altcoins evaporated following the stagnation in the ETH/BTC ratio. Daan CryptoTrade, a full-time crypto trader and investor, highlighted After a monumental +150% run low against Bitcoin, ETH performance has completely stalled over the past 40 days. This pause is momentum-driven and quickly translates into apparent weakness across the board. emotions Things will turn sour when most Altcoins start following what they got a few months ago.
Altcoin traders prefer to see token rallies, but analyst The current shift is seen as a necessary and potentially healthy correction. He suggests that it would be beneficial for BTC to once again be absorbing some of the bidding and liquidity as it works to pull the entire market out of the current slump Integration.
Daan Crypto Trades identifies the ETH/BTC ratio as currently in “No Man’s Land”, adding that it will only attract interest in the pair if it moves back above a decisive retest of the 0.041 or 0.032 levels.
However, experts have concluded that whatever ETH does with BTC, it will continue to be the primary barometer of the Altcoin market and BTC's overall health. control tendency. Therefore, this important pair should be closely monitored.
Reversal signal strengthens on 4-hour chart
Technical analyst Geometric is calling the end of the market slump and basing his bullish prediction on clear signals from his proprietary Gaussian breakout screener. According to Geometry, BTC, ETH, and most altcoins have all successfully split from the Gaussian channel on the 4H chart. Experts consider this a solid confirmation of a reversal, as long as these assets can maintain their position above the channel's midline.
Geometric noted that BTC has reversed strong On almost all major time frames except the last holdout, the 3-day chart. Also, he is focused on time frames for now. While viewing this as overall relief and a great start to October, the market has finally turned a corner after a difficult week. liquidationwidespread surrender, and generally terrible feelings.
He admits the difficulty of maintaining a positive outlook market It's collapsing. “Posting a bull amid FUD is never easy, as it was for me. I ask everyone to hold the line.
Featured image from Getty Images, Charts from tradingView.com
