Market dynamics appear to have changed to a large extent as the prices of the majority of cryptocurrencies have plunged below crucial support as Bitcoin crashed to near $60,000. During the previous pullback, many speculated about a fall below levels, but the token suffered a rebound from levels similar to the previous day. Therefore, it is evident that market participants are undoubtedly bullish on Bitcoin but want to accumulate below the lower support.
With this, the second and third generation cryptos, Ethereum and Cardano, have weakened and show a huge possibility of reaching the lower support zone this summer. A popular analyst, Benjamin Cowen, believes that the ongoing pullback is completely natural in the BTC price rise, but also mentioned its opposite impact on other major altcoins. For example, the price of ETH, which has fallen below $3,000, presents a huge possibility of experiencing another pullback before beginning a rebound.
Considering the chart above, the analyst claims that ETH/BTC has closely followed the previous trend. According to this, the pair bottomed right after the first rate cut after breaking support. Therefore, a similar rally can be expected at present, in which the pair might find its low somewhere below 0.035 BTC.
On the other hand, the analyst shares a similar view on Cardano, as the ADA/BTC pair closely follows descending support.
Much like the ETH price rally, ADA price is also following a previous trend as ADA/BTC trades, remaining along the lower trendline. Therefore, the current trading setup suggests that the pair could eventually bottom at 0.0000035 BTC, which could further trigger a massive bullish wave. However, the analyst believes that both pairs could find their bottom during the summer, beyond which a healthy rebound can be expected.
