A well-known crypto analyst is expressing bearish sentiments towards Ethereum (ETH) despite its recent show of strength in the market. In a recent strategy session, the pseudonymous trader Credible Crypto shared his thoughts with his large following on X, indicating that Ethereum may be heading towards a challenging period when compared to Bitcoin (BTC).
According to Credible Crypto’s analysis, the Ethereum/Bitcoin pair (ETH/BTC) could potentially experience a decline of up to 20% from its current level. The analyst’s chart suggests that Ethereum is currently trading at 0.0369300 BTC ($3,568).
When looking at the Ethereum/US dollar pair, Credible Crypto predicts that if ETH fails to surpass the resistance level around $4,000, the digital asset could see a pullback of approximately 24% from its current value. This could lead Ethereum back to prices last seen in early November. The analyst mentioned, “A rejection here and lower high would give us a push into weekly demand, which, paired with an approximately 10% correction on BTC would give us our major $2,700-$2,800 buy zone.”
Shifting focus to Bitcoin, Credible Crypto believes that the leading cryptocurrency is poised for a significant price correction before it can make any substantial upward movement. Despite maintaining a positive long-term outlook with a price target of $100,000+, the analyst acknowledges the possibility of a larger downside move following Bitcoin’s drop below $94,000. As of the time of writing, Bitcoin is trading at $96,809, showing a 7% increase from its recent low of around $90,700.
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As always, it’s essential to conduct thorough research and consider various perspectives before making any investment decisions in the volatile cryptocurrency space.