Crypto analyst spots crucial development on ETH/BTC.
Ethereum meets rejection and prepares for a rebound ahead of an altseason.
ETH/BTC trend signals continued waiting before the next altseason.
Crypto analyst Michael van de Poppe highlighted a crucial development on ETH/BTC’s 4-hour chart that could impact the altcoin market. In an X post, Poppe showed how the crypto pair failed to break above a notable resistance and outlined a potential outcome.
Sad life again, $ETH rejecting at 0.04 BTC and selling off.
I think that's the crucial barrier. If it breaks through 0.04 BTC, we'll be good to go with the #Altcoins. pic.twitter.com/tvZHmq5PLo
— Michaël van de Poppe (@CryptoMichNL) October 16, 2024
Poppe included a screenshot of the ETH/BTC 4-hour chart showing that the relative price of Ethereum to Bitcoin was unable to break above 0.04 BTC. Poppe found this development disappointing for the altcoin market, noting it triggered an Ethereum selloff. However, he views the level as a crucial barrier that could trigger a change in the narrative for altcoins.
Independent of Bitcoin, Ethereum gained over 16% last week. The altcoin rallied from a $2,327 swing low …
The post ETH/BTC Struggles to Break Through Resistance, Altcoin Season Delayed? appeared first on Coin Edition.
