Over the weekend, ETH/BTC fell below 0.04, its lowest level since April 2021, marking a significant 53% decline since Ethereum’s September 2022 Merge update.
At the same time, Bitcoin dominance, which is closely followed for possible increases especially in altcoins, reached 58 percent for the first time in 3.5 years. The periods when Bitcoin dominance peaks and begins to decline are generally interpreted as the beginning of a bull run for altcoins.
While the movement in the ETH/BTC pair and Bitcoin dominance continues, Ethereum (ETH) and Bitcoin (BTC) analysis came from popular analyst Ali Martinez.
Taking Ethereum first, the analyst noted that if ETH fails to defend the $2,290 support, it could drop to $1,800.
Stating that Ethereum’s main support zone is between $2,290 and $2,360 and that 1.9 million addresses hold approximately 52.3 million ETH, the analyst argued that if the $2,290 support level is broken, a selling wave could drop ETH to $1,800.
Key support for #Ethereum lies between $2,290 and $2,360, where 1.90 million addresses hold ~52.30 million $ETH . If this demand zone breaks, we could see a sell-off driving #ETH toward $1,800. pic.twitter.com/ubP9ZZd8H0
— Ali (@ali_charts) September 15, 2024
Bitcoin Could Drop to $55,000!
Evaluating Bitcoin secondly, Martinez said that Bitcoin is moving within a parallel channel on the hourly chart.
If BTC holds the lower boundary of the channel, the price could drop back to the mid or upper levels of $60,200 or $62,000.
However, if BTC breaks below the $58,100 support, it could decline towards $55,000.
On the hourly chart, #Bitcoin is moving within a parallel channel. If the lower boundary holds, $BTC could rebound to the mid or upper levels at $60,200 or $62,000. However, a break below the $58,100 support may lead to a drop towards $55,000. pic.twitter.com/5JbnrGRjYE
— Ali (@ali_charts) September 16, 2024
*This is not investment advice.
