- Bitcoin and Ethereum struggle to retest and reclaim higher price targets.
- Analysts are eager to see breakouts and a reversal.
- Altseason peak phase on the horizon, but a correction first?
Over the last few weeks, the price of Bitcoin (BTC) and Ethereum (ETH) saw a steadily decline to the $110,000 and $4,300 price ranges, respectively. Since then both thepioneer crypto asset and the pioneer altcoin asset have been trading at a slow sideways movement. Presently, Bitcoin and Ethereum struggle to retest and reclaim much higher price targets. Can ETH and BTC breakout soon?
Bitcoin and Ethereum Struggle to Retest and Reclaim Higher Prices
Last month, the price of the pioneer crypto asset, Bitcoin (BTC) , went on to set a new ATH price in the $124,000 price range, just above its previously set ATH price in the $123,000 price range, not too long ago. Soon after this new ATH price was met, the price of BTC began to decline heavily, first falling to the $118,000 price level, until it sank below $115,000 and $113,000, to finally trade in a long sideways movement at the $110,000 price range.
Similarly, about 10 days after BTC set its latest ATH price, the price of the pioneer altcoin, Ethereum (ETH), also set a new ATH, marking its first ATH this bull cycle. In detail, the price of ETH set a new ATH in the $4,900 price range, just beating its previous ATH price set in the $4,800 price range, during the last bull cycle. After briefly entering the price discovery phase, the price of BTC dipped back to the $4,300 to $4,400 price range.
Based on the price action of both the pioneer assets, the price of BTC and ETH may have declined together, bringing market sentiment down slightly, but it also proves that ETH continues to outperform BTC, like it has been doing for the past few months. According to some analysts, September has always been a bearish red month for the crypto market and both BTC and ETH are expected to face a heavy correction.
What to Expect Next for BTC and ETH
While the price of BTC is expected to fall as far as the $90,000 to $95,000 price range to close a CME Gap in that price region, the price of ETH is not expected to fall as heavily. So, analysts are keeping a close eye on the crypto price charts to predict when exactly this decline will occur. However, most are certain that the Fed rate cut announcement will likely be the cause for it in the second half of September.
As we can see from the post above, the $108,500 target remains the key level to hold for BTC. Currently testing yesterday’s breakout zone — if it holds, BTC can likely make another push back toward $112,000. If $108,500 fails, the next key inflection points sit at $105,000 and $100,000, which we can reassess if price moves lower. For now, the focus remains on the upside.
Similarly, the post above shows that Ethereum is also working with a breakout and retest. The analyst in the post above reveals that the plan remains the same: as long as ETH doesn’t reclaim the $4,500 target with full force, it is hard to be bullish. However, with BTC retesting support , most analyst and traders are certain that an uptrend is on the horizon for both BTC and ETH.
