Altcoins in for a Bumpy Ride, Ethereum Holds Steady, According to Popular Analyst
An influential crypto analyst suggests that a significant sell-off event could be on the horizon for altcoins.
They believe that altcoins are currently showing signs of being ready for a sustained corrective move. However, they also highlight that Ethereum (ETH), the leading smart contract platform, might not be as affected and could potentially remain stable.
According to the analyst, Binance Coin (BNB), which is the native token of the Binance cryptocurrency exchange and holds the fifth rank among digital assets, could be an indicator of what lies ahead for the overall altcoin market.
If BNB fails to maintain its market cap level of $30 billion after breaking a long-term trend line that dates back to 2017, it might experience a deep correction and enter risky territory.
READ MORE: Ethereum DeFi Protocol Hacked: $3.2M Gone in a Flash
While the analyst is cautious about the future of altcoins, they note that Ethereum’s price pattern stands out positively. Over the course of more than a year, Ethereum has been forming an ascending triangle characterized by a flat range of resistance and ascending lows.
This bullish pattern suggests the possibility of a price bounce to the upside. However, the analyst emphasizes that technical patterns come with uncertainties, and they are only analyzing the available data.
At the time of writing, ETH is trading at $1,875 after a 3% decline on the weekly chart.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
