BTC & ETH margined contracts already into the negatives

There is a significant drop in the overall sentiment within the cryptosphere. BTC and ETH are leading the charge pretty much like they did at the time of the bull run. Bitcoin and Ethereum have dropped from their recent ATH, retracing to a level that the holders were expecting but hoping for. BTC is down by 5.81% in the last 7 days but has risen by 0.83% in the last 24 hours. ETH, however, has only fallen in the last 7 days and 24 hours by 7.25% and 0.31%, respectively. (at the time of writing)

They are exchanging hands at $66,211.32 and $3,326.67 (at the time of writing) in the same order. Technical indicators signal a possible bear run under the tag of price correction ahead of the Halving event.

Trader Jelle on BTC and ETH

Jelle, a notable crypto trader, took to X to highlight that the prices are dropping lower. Further, he emphasized that funding rates are plummeting too, taking BTC and ETH margined contracts into negatives with the speculation. They have sought the destruction of leverage before price discovery.

That said, whales are looking to accumulate BTC, irrespective of how one defines a dip in the crypto market. Any fall is an opportunity for them to take profits home later; partial selling plays a vital role here. Some members have said that one has to note how long leverage needs to be destroyed but build the short one. Jelle has maintained the stand by stating that shorter ones will also be destroyed.

The market being choppy in the days to come is making the rounds now. BTC and ETH are free-falling ahead of Halving, possibly to rebound later.

BTC to become more volatile than ETH these days

What cannot come as a surprise is that the prices of Bitcoin will change more colors than any other token in the market. ETH, for one, has a higher chance of sustaining a particular period than BTC. A higher purchase will tick off the bull run, triggering select traders to make profits before the value loses its momentum. Then bring back the bearish tone for a dance on the stage.

A reason why ETH may find comparative stability is the dubious stand on the approval of Ethereum ETF. The collective assumption is that Ethereum ETF’s chances of seeing the tunnel’s end are bleak. Next, it could be a positive signal from the Commission or one of the many applicants.

Simply put, Bitcoin will have more ups and downs than Ethereum, fueled by Halving and backed by fluctuating sentiments within the community. Ethereum will find a soft spot until there is an update on its ETF approval.

What does the future hold for BTC and ETH?

A bull run, or rebound, is nevertheless expected in the crypto market. It is only logical for the prices to make their way up after hitting rock bottom. For reference, BTC’s price did find a way back to ~$66,000 after being listed at ~$20,000 for a while. BTC price prediction now supports the estimated value of $100,000 by the end of 2024. Alternatively, it could bag $150,000 before starting next year. Ali_Charts has looked at the 200 EMA, 4-hour chart since early February. Like mid-January this year, the level getting broken could bring more losses for BTC.

For Ethereum, the future is no different, and the token could hit the spot at $4,000 by the end of the same time window. It is backed by ETH price prediction and is being looked up to by the community.

The current decline in the cryptocurrency market may be more of a correction, but only time will tell. 

Notable traders are split, but the collective notion is that there will be a price rebound for BTC, ETH, and the remaining tokens.