Altcoins ready for a rally? Latest update on ETH and BNB price reversal!

Miami, Florida – Both Ethereum (ETH) and Binance Coin (BNB) experienced price declines over the past week. Despite a bullish pattern, market indicators for both ETH and BNB were bearish.

Top altcoins like Ethereum and BNB struggled to perform last week, with their charts remaining in the red. However, recent analysis has suggested a potential trend reversal on the horizon, which could lead to a significant bull run for ETH and BNB.

According to CoinMarketCap data, ETH saw a 7% price correction last week, trading at $3,230 with a market capitalization exceeding $388 billion. Similarly, BNB experienced a more than 2% price drop, trading at $578 with a market cap surpassing $84 billion.

A popular crypto analyst, Moustache, highlighted a major development through a tweet, indicating that altcoins have formed a cup & handle pattern in recent years. This pattern suggests a forthcoming bull rally, potentially resulting in price increases for ETH and BNB.

Further analysis of CryptoQuant data by AMBCrypto revealed that BTC’s exchange reserve was rising, indicating high selling pressure on the token. However, optimism was present in the derivatives market, as the token’s funding rate and taker buy/sell ratio signaled a dominant buying sentiment in the futures market.

Examining Ethereum’s daily chart, indicators like MACD displayed a bearish crossover, while the Relative Strength Index (RSI) hinted at a further downtrend before a potential bullish reversal.

Similarly, BNB’s technical indicators also appeared bearish, with the MACD suggesting a possible price correction, and the RSI showing a downward trajectory. Despite an uptick in social volume, BNB’s weighted sentiment remained negative, indicating prevalent bearish sentiment in the market.

Ultimately, the analysis points to a potential shift in the altcoin market in the coming days, with the outlook for ETH and BNB’s performance hinging on upcoming market developments and sentiment shifts.