Analyst Predicts Ethereum (ETH) at Pivotal Point Near $3,000
An analyst well-known for his accurate crypto predictions has shared insights on Ethereum (ETH) as it teeters near the $3,000 mark.
Referred to as Credible, the pseudonymous trader has a significant following on the social media platform X, where he recently hinted at Ethereum potentially establishing a local bottom before embarking on a new upward trajectory.
According to Credible, Ethereum bulls need to defend the immediate support level around $3,000 to prevent a potential drop below $2,800 for the leading smart contract platform.
“Here we are.
The first of two levels that I believe will mark our bottom on ETH.
Moment of truth here, let’s see if it holds.
If it’s lost, then we hit the monthly demand below which should mark our HTF (high time frame) bottom.
Many other coins also hitting key/pivotal levels right now.”
From Credible’s chart analysis, it appears that he anticipates Ethereum to surge beyond $4,000 after finding a bottom. As of the latest update, ETH is valued at $3,170.
Shifting focus to Bitcoin, the analyst views the ongoing correction as a positive development for the cryptocurrency rather than a negative one. He believes that the current retracement could set the stage for a potential short squeeze in Bitcoin.
A short squeeze occurs when a rapid increase in asset price prompts traders who had previously bet against the asset to close their positions, leading to further price hikes. Short selling involves selling borrowed shares of a stock with the expectation that their price will decline.
“BTC is simply heading down to one end of our range that we’ve been trapped in for the last week, nothing to be freaking out about.
In fact, I’m glad we’re going for the lows first because it’s healthier for us to take liquidity from the lows of this range while leaving liquidity behind at the highs.
Eyes on the range lows to see if this is just a liquidity grab at one end of the range before going for the other…”
While Credible suggests that Bitcoin is primed for a short-term rally, he foresees a potential additional downward move in Bitcoin post-rally, followed by a significant upward surge towards $150,000.
“In a perfect world…”
At the time of writing, Bitcoin is trading at $102,080.
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Image Credit: Midjourney