Why Ethereum and BNB Are Poised to Bounce Back Through Bullish Highs

The prices of both ETH and BNB have declined over the past week.
Despite the bullish trend, market indicators were bearish on ETH and BNB.

Best altcoins like Ethereum [ETH] And BNP Bank They failed to perform last week as their charts remained in the red. However, a recent analysis has pointed to an update, hinting at a trend reversal soon.

In fact, if this turns out to be true, ETH and BNB could experience a massive bullish wave.

Altcoins ready to rise?

Coin Market Cap Data It revealed that ETH saw a 7% price correction last week. At the time of writing, the altcoin king was trading at $3,230 with a market cap of over $388 billion.

Similarly, BNB bears also dominated the market last week. The coin’s price dropped by more than 2% in the past seven days. At the time of writing, BNB was trading at $578 with a market cap of over $84 billion.

However, this entire trend for altcoins may change in the coming days.

Mustache, a well-known cryptocurrency analyst, recently published an article tweet A major development has been revealed. According to the tweet, altcoins have formed a typical cup and handle pattern over the past few years.

Source: X

This indicates that altcoins will soon start an upward surge, which in turn means that ETH and BNB will also see price increases.

Therefore, AMBCrypto planned to take a closer look at the state of these coins to see if they also indicate an upcoming rally.

ETH and BNB states

AMBCrypto Analysis by CryptoQuant Data It revealed that BTC’s exchange reserves were increasing, which meant that selling pressure on the token was high. However, things in the derivatives market looked very optimistic.

The token funding rate was in the green, meaning that long traders were dominant and willing to pay short traders. Additionally, the buy/sell ratio indicated that buying sentiment was dominant in the futures market.

Source: CryptoQuant

We then checked the daily chart of Ethereum. We found that the MACD technical indicator showed a bearish crossover.

ETH’s Relative Strength Index (RSI) also registered a decline, suggesting that investors may have to wait longer to see ETH turn bullish again.

Source: Trading View

Then we checked BNB’s performance. The coin’s social volume registered a slight increase last week, reflecting its popularity.

However, the sentiment for the coin remained in the negative territory. This clearly indicates that the bearish sentiment around BNB was dominating the market.

Source: Feelings

is reading Ethereum [ETH] Price prediction 2024-25

As with Ethereum, BNB’s technical indicators also looked bearish. For example, the MACD indicator showed that there is a chance for a price correction.

Moreover, the Relative Strength Index (RSI) has also taken a slightly southerly path.