Amidst a general downturn in the cryptocurrency sector, alternative coins like Ethereum (ETH) have been encountering tough times, with its value dropping by almost 20%, making it the frontrunner for the most significant losses.
This price decrease follows Ethereum’s persistent inability to surpass the significant resistance point of $4,000, a barrier that has been tough to overcome lately and kept Ethereum from hitting fresh highs like Bitcoin (BTC) did at the end of 2024.
Mid-Cycle Correction For Altcoins: A Path To Recovery?
In a recent social media post (previously known as Twitter), market expert Ash Crypto shared his thoughts on the current status of altcoins. He indicated that these digital currencies are experiencing what he calls a “mid-term adjustment.
Based on insights from Ash Crypto, this period is an inherent aspect of the bull market rhythm and could pave the way for the restoration of earlier lost worth and possibly greater profits in these digital assets.
In a recent social media update, the expert pointed out comparable patterns from history, mentioning that price fluctuations reminiscent of those observed in January 2021 preceded a spellbinding altcoin market surge that attracted many investors.
Even though there have been some ups and downs, Ethereum and other alternative coins are displaying small indications of a comeback. In fact, ETH has moved beyond $3,200, bouncing back from its nearby support level of $3,100.
Lately, this upward trend has stopped additional setbacks and ignited optimism in traders. But Ash Crypto warns that another downward trend could occur before a stronger rebound fully materializes.
Market Whales May Shake Out Retail Investors
According to Ash Crypto’s predictions, it seems likely that altcoins might undergo a last round of market adjustment prior to moving into a complete bullish phase later in the year.
The specialist pointed out a graph he presented, illustrating the overall value of all cryptocurrencies apart from Bitcoin and Ethereum. This graph suggested a possible grouping or concentration within the range of approximately $926 billion to $930 billion.
During this consolidation period, we might be heading towards the maximum point of a potential bullish run, which experts predict could peak at an impressive $3.39 trillion.
Enhancing the excitement, Ash Crypto notes that Bitcoin’s influence might have peaked, hinting at a possible upsurge of altcoins. Yet, he cautions that before such a potential rise, significant investors (market whales) might strive to eliminate smaller investors by controlling market prices.
Currently, Ether (ETH) is being traded at $3,215, representing a 3% increase within the past 24 hours. Similarly, other cryptocurrencies like Ripple (XRP), Solana (SOL), and Cardano (ADA) have also seen gains of approximately 5%, 3%, and 5.3% respectively over the same time period.
According to Ash Crypto’s assessment, it is uncertain if there will be more consolidation or a price drop for cryptocurrencies before they potentially experience record-breaking growth – one of the largest increases in value ever seen in digital assets.
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2025-01-15 10:35