Why Ethereum and BNB Are Ready to Recover as Bullish Rallies Surge

• Both ETH and BNB prices have fallen over the past week.
• Despite the bullish trend, market indicators were bearish on ETH and BNB.

Best altcoins like Ethereum [ETH] And BNP US stocks failed to perform well last week as their charts remained in the red. However, a recent analysis has pointed to an update that suggests a trend reversal is imminent.

In fact, if this turns out to be true, both ETH and BNB could see a massive surge.

Are Altcoins Ready to Rise?

Coin Market Cap Data ETH revealed that its price saw a 7% correction last week. At the time of writing, the royal altcoin was trading at $3,230 with a market cap of over $388 billion.

Similarly, BNB bears also dominated the market last week. The coin’s price has dropped by more than 2% in the past seven days. At the time of writing, BNB was trading at $578 with a market cap of over $84 billion.

However, this entire trend of altcoins may change in the coming days.

Mustache, a popular crypto analyst, recently posted: tweet Revealed a major development. According to the tweet, altcoins have formed a typical cup and handle pattern over the past few years.

Source:X

This indicates that altcoins will soon start an upward march, which in turn means that ETH and BNB will also see a price increase.

Therefore, AMBCrypto planned to take a closer look at the state of these coins to see if they also indicate an upcoming rally.

ETH and BNB Status

AMBCrypto Analysis by CryptoQuant Data Data revealed that BTC’s exchange reserves were increasing, which meant that selling pressure on the token was high. However, things in the derivatives market looked very optimistic.

The token funding ratio was green, meaning that long traders were dominant and willing to pay money to short traders. Additionally, the traders’ buy/sell ratio indicated that buying sentiment was dominant in the futures market.

Source: CryptoQuant

Then we checked the daily chart of Ethereum. We found that the MACD technical indicator showed a bearish crossover.

ETH’s Relative Strength Index (RSI) has also registered a decline, suggesting that investors may have to wait longer to see ETH turn bullish again.

Source: TradingView

Then we checked BNB’s performance. The social engagement volume of the coin has been on the rise in the past week, reflecting its popularity.

However, the sentiment for the coin remained in the negative territory. This clearly indicates that the bearish sentiment around BNB was dominating the market.

Source: Santiment

is reading Ethereum [ETH] Price prediction 2024-25

Like Ethereum, BNB’s technical indicators also looked bearish. For example, the MACD indicator showed that there is a chance for a price correction.

Moreover, the Relative Strength Index (RSI) has also taken a slightly southerly path.

Source: TradingView