The market dynamics appear to have changed significantly, with the price of most cryptocurrencies falling below key supports as Bitcoin plummets to near $60,000. In the previous pullback, the token rebounded from a similar level to the previous day, although many speculated it would fall below the level. Therefore, it is clear that while market participants are undoubtedly bullish on Bitcoin, they still want to build below the lower support.
This has weakened the second and third generation cryptocurrencies, Ethereum and Cardano, showing a strong chance of reaching the lower support zone this summer. popular analyst, benjamin cowenbelieves that a continued decline is a natural part of the rising BTC price, but also notes the adverse effects on other top altcoins. For example, ETH price is below $3,000, but it is very likely to fall again before the rebound begins.
Considering the chart above, analysts say that ETH/BTC is roughly following the previous trend. According to this, the bottom was reached immediately after the first rate cut after breaking support. Therefore, a similar rise is now expected and the pair could find a bottom somewhere below 0.035 BTC.
On the other hand, analysts share a similar view on Cardano as the ADA/BTC pair is firmly following downside support.
Similar to the rise in ETH price, as ADA/BTC is being traded, the price of ADA is also following the previous trend and moving along the lower trend line. Therefore, the current trading setup suggests that the pair could eventually bottom at 0.0000035 BTC, which could trigger another massive bullish spell. But analysts believe both currencies could bottom out over the summer, with the hope of a healthy recovery beyond that.
