- Registered prices for ETH and BNB have both fallen over the past week.
- Despite the bullish pattern, market indicators were bearish for ETH and BNB.
Top altcoins Ethereum [ETH] and BNNB Performance was weak last week as the chart remained in the red, but recent analysis pointed to updates that suggest the trend may soon reverse.
In fact, if that turns out to be true, ETH and BNB could be on the verge of a massive bull run.
Are altcoins ready for a rally?
CoinMarketCap data Last week, it emerged that ETH experienced a 7% price correction. At the time of writing, the king of altcoins is trading at $3,230 and has a market cap of over $388 billion.
Similarly, BNB bears also dominated the market last week, with the coin’s price dropping by over 2% over the past seven days. At the time of writing, BNB had a market cap of over $84 billion and was trading at $578.
However, this trend for altcoins may change in the coming days.
Popular crypto analyst Mustache recently Tweet The big development was revealed: According to the tweet, the altcoin has been forming a textbook cup and handle pattern for the past few years.
Source: X
This suggests that altcoins will soon enter a bull market, which also means that ETH and BNB will experience price increases.
Therefore, AMBCrypto planned to take a closer look at the status of these coins to see if it hints at an upcoming upswing.
ETH and BNB status
AMBCrypto Analysis of CryptoQuant data It revealed that BTC exchange reserves are increasing, meaning selling pressure on the token is growing. However, the situation in the derivatives market looked quite optimistic.
The token’s funding rate was in green, indicating that long traders were in the ascendancy and were willing to pay out to short traders. Additionally, the taker buying/selling ratio indicated that buying sentiment was prevalent in the futures market.
Source: CryptoQuant
Next, we looked at the daily chart of Ethereum, where we noticed that the technical indicator MACD was showing a bearish crossover.
The ETH relative strength index (RSI) is also pointing down, suggesting that investors may have to wait a bit longer before the cryptocurrency turns bullish again.
Source: TradingView
Next, we looked at the situation with BNB: the coin’s social volume increased last week, reflecting its popularity.
However, the coin’s weighted sentiment still remains in the negative territory, which clearly suggests that bearish sentiment towards BNB prevails in the market.
Source: Santiment
read Ethereum [ETH] Price Prediction 2024-25
Similar to Ethereum, BNB’s technical indicators also showed a bearish trend, for example, the MACD indicated a possible price correction.
Additionally, the Relative Strength Index (RSI) also declined slightly.
Source: TradingView
