The bloodbath in the crypto space ruined many rallies which were primed to slice the consolidation and range high. However, a notable recovery is also trying its level best to nullify the bearish pressure, but eventually, the crypto assets like ETH price are bound to visit lower support soon.
Ethereum price which just slides below $3000, is on its way to regaining the lost positions above in the short time frame. Nevertheless, in the longer time frame, the price is expected to hit the lower support below $2800 before pulling a massive leg up. The upward target may record the first yearly highs that may be beyond $3500 levels.
The ETH price after the slash during the end of the 2021 trade, maintained a steady growth later. By forming constant higher highs and lows, the price is following a significant upward trend. However, despite being well positioned towards the upper target, the price is expected to hit the lower bottom below $2800.
Will AltSeason Differ Indefinately?
Well before the recent slash, many altcoins like Solana(SOL), Cardano (ADA), Avalanche (AVAX), Terra (LUNA), etc and many more altcoins were well-positioned to pull a massive leg up. But the huge corrections dragged the price closer to their respective support levels. And hence raising concerns over the much-awaited and expected Altseason 2022.
On the other hand if the ETH price losses the pivotal $2850 levels, then the possibility of the altcoins slashing by more than 15% to 20% emerges. As Ethereum closely watches and also follows Bitcoin to a large extent, the possibility of a drop emerges. However, the technicals and the chart formation, both suggest the price undergo a descending trend.
Adding to the substance, many altcoins follow the second-largest crypto as the DeFi & NFT space is largely dominated by Ethereum. A slight drop in the ETH price may have a large impact on all the altcoins. And hence if the BTC price fails to gain some momentum, it may severely impact the Altseason 2022 which may be delayed for some time.
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Source: https://coinpedia.org/price-analysis/altseason-at-stake-altcoins-primed-to-slash-by-15-to-20-if-ethereum-price-slashes-to-these-levels/