- Ethereum Merge behind us, a bitcoin dominance phase has started and altcoins suffered a decline last week.
- The current market cycle is marked by long phases of accumulation and long phases of consolidation, analysts consider this to be worse than a bear market.
- Ethereum price is down sharply, analysts have set a downside target of $1,277 for the altcoin in the ongoing bloodbath.
Merge success paved the way for The 18% dominance of Ethereum. Interestingly, Ethereum, XRP, and Cardano, among other altcoins, are showing signs of weakness in their price trends. Analysts believe this is the end of the altcoin season and the start of The dominance of bitcoin Again.
Ethereum Price Continues to Fall Despite Merger Success
Ethereum merger is behind us successfully and the crypto the community turned to Cardano Vasil hard fork. The hype around the Ethereum merger has died down, the price of ETH is down sharply. Analysts have set a bearish target of $1,250 for the price of Ethereum.
Traders should be aware of the bearish signals in Ethereum price trend. Although trader sentiment was bullish before the merger, the decline in ETH price fueled bearish sentiment among Ethereum holders.
Ethereum price drop after merger
Bleeding Crypto YouTube Channel Analysts Identified Ethereum’s loss of support at $1,362 as a key bearish signal for the altcoin. Analysts have expected a further decline in Ethereum price, at support at the $1277.30 level.
12-hour chart of the ETH-USDT perpetual contract
FXStreet analysts are bearish on the Ethereum price trend. For key price points, watch the video below:
Bitcoin vs. Top 50 Altcoins
Analysts at crypto-intelligence platform IntoTheCryptoverse claim that Bitcoin dominance is gaining momentum. Ethereum Merge fueled bullish sentiment among holders, pushing ETH dominance at 18%. Bitcoin must therefore outperform Ethereum and the top 50 cryptocurrencies.
Altcoin Season Index is considered an indicator of the altcoin price trend reversal and what to expect from cryptocurrencies in 50. The index is currently showing 69, implying that it is not Altcoin season . Analysts say this is a bear market in the current cycle and Bitcoin dominance is expected to overtake altcoins. When less than 25% of altcoins have a higher 90-day ROI than Bitcoin, it’s Bitcoin season. Therefore, analysts believe the Bitcoin season is about to begin.
Altcoin Season Index
Ethereum, XRP and Cardano Price Trends Show Signs of Weakness
After a month altseason, a period in which 75% of altcoins have a higher 90-day ROI than Bitcoin, altcoins have witnessed a bloodbath. Top 30 altcoins Ethereum, XRP and Cardano posted double-digit losses overnight. Although there are still a high number of altcoins with a 90-day ROI above 100% and Luna Classic being the top performer, liquidity began to flock to Bitcoin.
IntoTheCryptoverse’s report on altcoins reveals a changes in capital inflows. The drop below the red region of the Altseason Index reveals that more altcoins have started to bleed again against Bitcoin. Analysts have identified a weak Ethereum, XRP and Cardano price trend.
Altcoin Season Index