A prominent trader and analyst, known as Credible Crypto, has shared his bullish outlook on Ethereum (ETH) despite prevailing bearish sentiment surrounding the cryptocurrency. In a recent post on the social media platform X, Credible Crypto expressed optimism about Ethereum’s price action on the monthly time frame, highlighting the clear bullish signals despite negative sentiment.
“We don’t always get high time frame price action that is this clean, and the only thing I like better than crystal clear high time frame price action is sentiment to be in the absolute gutter along with it,” Credible Crypto stated. He believes that Ethereum is poised for a strong comeback in the coming months, even suggesting that it may leave some of its staunchest supporters behind.
According to the trader, Ethereum could potentially surge by over 195% from its current price. ” $10,000 is a bare minimum once we break out in my opinion, and I think $20,000 is certainly not unreasonable by the end of the cycle,” Credible Crypto predicted.
In the short term, Credible Crypto anticipates that Ethereum will face significant resistance around the $4,000 price level. He mentioned, “While my original plan was to take profit at the range highs above $4,000, I will most likely be locking in gains at around $3,800-ish as there’s a chance we reject at local supply within this range.”
At the time of writing, Ethereum is trading at $3,390, with the potential for further price appreciation according to Credible Crypto’s analysis.
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