Ethereum (ETH) Price Prediction: ETH/BTC Hints Weakness as Altseason Remains Doubtful

Ethereum price remains stagnant between $3000 and $3100 as the markets turn slightly bearish after a minor ascending pull

Ethereum price encountered a roadblock in its recent attempt to breach the upper resistance at $3,100. This hurdle prevented further ascent, leading to a consolidation phase within a narrow range between $3,000 and $3,100. The altcoins also faced challenges in maintaining a strong upswing as ETH prices failed to showcase the necessary strength.

Despite the bearish clouds hovering over the crypto markets, the possibility of altcoins gaining mainstream attention and heralding an AltSeason remained on the horizon. As the crypto markets continue to navigate volatility, the prices of major tokens failed to validate any specific price action, rendering this shift from displaying greater strength in the first few days of the week. This change might instill a sense of trepidation as the weekend approaches.

Hence, the markets appear to be setting the stage for another bearish weekend, with the bulls exhibiting passivity following a minor upswing during the week. Will ETH Price Drop Back Below $3000? Will Altseason Be Postponed Indefinitely?

After the 2021 bull run, anticipation grew for a strong Altseason to kick off early in 2024. However, the bulls faltered after BTC price formed a new ATH and steered the markets into a descending consolidation. At a time when the prospect of an AltSeason is viewed with skepticism, its onset could be just around the corner.

ETH/BTC’s short-term price action suggests that Ethereum is about to face some weakness against Bitcoin as the levels are headed to hit lower support. The RSI is continuously forming lower lows and highs, which might end up reaching the lower support zone. As long as ETH/BTC sustains above the 200-day MA levels, the chances of a bullish reversal continue to be high. If the levels slip, then the altcoins might begin a fresh bearish spell along with ETH price.

However, in the long term, ETH/BTC seems to be completing the falling wedge that started in the second half of 2022. With the weekly RSI being bullish and moving within a rising parallel channel, the possibility of a continued upswing is pretty strong. Hence, after a brief consolidation, ETH/BTC is likely to trigger a breakout above the resistance and reach the mid-range between 0.06 and 0.061 BTC. But to begin with, an altseason, the levels are to maintain a strong ascending trend going forward. Once the levels surge past 0.085 to 0.09 BTC, traders can expect highs, which might be followed by a price slash.

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