Recent data suggests that the altcoin bull run, especially Ethereum (ETH) and Binance Coin (BNB), could be about to experience a big price increase.

The cryptocurrency market has been closely monitoring the performance of top altcoin bull run, especially Ethereum (ETH) and Binance Coin (BNB), as they navigate through a period of correction. Despite the recent drop, new data and analysis suggest that these altcoins might soon see a big price increase.

ETH and BNB Face Significant Price Corrections

Last week was marked by bearish dominance in the altcoin bull run’s market. Ethereum, the reigning king of altcoins, suffered a 7% price correction, bringing its value down to $3,230 with a market capitalization exceeding $388 billion, BNB native token of the Binance exchange also, faced downward pressure, shedding over 2% of its value to trade at $578 with a market cap of more than $84 billion.

Altcoin Bull Run Pattern Emerges?

Despite their recent poor performance, there are signs that ETH and BNB might soon start to rise, Moustache (A well-known crypto analyst), recently tweeted that altcoins have formed a classic cup and handle pattern over the past few years, this pattern is usually seen as a bullish signal, suggesting that altcoins like ETH and BNB could be about to see a significant price increase.

ETH and BNB: Bullish Bets or Bearish Bets?

To assess the potential for an altcoin bull run, AMBCrypto analyzed data from CryptoQuant and found several positive signs in the derivatives market. For Ethereum, the token’s funding rate was green, indicating that long position traders were dominant and willing to pay short traders. Additionally, the taker buy/sell ratio suggested a strong buying sentiment in the futures market.

However, Ethereum’s daily chart showed some bearish signs. The MACD (Moving Average Convergence Divergence) indicated a bearish crossover, and the Relative Strength Index (RSI) went down, suggesting that it might take more time for a bullish trend to appear.

BNB’s situation mirrored Ethereum’s in some respects. While the coin’s social volume saw an uptick, reflecting increased popularity, its weighted sentiment remained negative, indicating prevailing bearish sentiment. The MACD for BNB also suggested a potential price correction, and the RSI showed a slight downward trend.

Ethereum (ETH) and Binance Coin (BNB) show promising signs that they could rally soon, and key indicators, like the cup and handle pattern and positive signals in the derivatives market suggest these altcoins might see significant price increases, and investors should watch ETH and BNB closely for potential opportunities in the coming days.

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