- ETH price and altcoin market show multiple interesting signals.
- Analysts find that ETH has completed the same pattern and retest as the 2021 setup.
- ETH price could easily hit $10,000 in this bull cycle’s altseason peak phase.
The crypto community remains in a relatively stable condition despite the $524.87 million being wiped out in crypto liquidations over the last 24 hours. Most analysts and traders are prepared for a much deeper market correction later this month and have been taking a cautious approach since BTC and ETH both set new ATH prices in August. Now, both ETH price and altcoin market show multiple interesting signals, sending traders into action.
ETH Price and Altcoin Market Show Multiple Signals
The crypto market just saw a $524.87 million liquidation in the last 24 hours. Despite this dip, BTC and ETH have been trading in the $110,000 and $90,000 price range as they have in the past few weeks, meaning there was no heavy market dump despite the liquidation. Most analysts and traders have been expecting the crypto market to enter a much greater correction this month, meaning there was no reason to panic amid the liquidation.
To highlight, both BTC and ETH went on to set new ATH prices in August at $124,000 and $4,900 price ranges, respectively. Since then, both assets have been trading at lower prices, with ETH fluctuating between $4,300 to $4,400, while BTC has been trading at a much lower price of $110,000. Despite the decline, analysts await even greater dips, which is expected to take BTC to $90,000 after the Fed announces rate cuts later this month.
Traders and Analysts Get in Action
Despite the expected correction, long-term outlooks look very strong, especially for Ethereum and altcoins. While BTC is also expected to set a new ATH after the correction, altcoins are expected to usher the long-awaited arrival of the ongoing bull cycle’s altseason. This phase should finally allow ETH to truly explore its price discovery phase and lead other promising altcoins to their new ATH prices as well.
According to the post above, this reputed crypto trader and analyst says that the altcoin market is focused on one thing, which is expansion. He confirms that a bear trap is complete and that the trendline has been reclaimed. He then goes on to emphasize that the last time this pattern occurred, the entire crypto market pulled a 10x pump. Similarly, another analyst talks about how ETH completed its 2021 setup.
As we can see from the post above, this analyst confirms that ETH just completed its 2021 setup, which is the same dead cat bounce formation. The fact that this same retest is complete marks a similar pump, but this time with Wall Street in the trade. The setup that ran $200 to $4,000 is live again, so he concludes, a $10,000 ETH ATH price is more than likely. Another analyst shares that two outcomes are likely to buy back in ETH and advices caution.
