Popular crypto analyst Altcoin Sherpa is sounding the alarm on Ethereum (ETH) as he predicts a potential steep correction in its Bitcoin pair (ETH/BTC). With over 233,100 followers on the social media platform X, the pseudonymous trader is cautioning that ETH/BTC could experience a significant decline of more than 35% from its current value.
In a recent post, Altcoin Sherpa stated, “ETH: I don’t know if this bottoms until 0.024 BTC ish, could be another big move down if BTC legs up past $100,000 strongly. Utter destruction.” This warning comes as ETH/BTC is currently trading at 0.03768 BTC ($3,624), showing a 3.92% increase in the last 24 hours.
Moving on to another popular cryptocurrency, Altcoin Sherpa also shared concerns about Dogecoin (DOGE). He suggests that DOGE may dip below the lower bound of a trading range to around $0.32. Despite this potential dip, the analyst remains bullish on DOGE, especially if Bitcoin experiences a significant uptrend.
As for Solana (SOL)-based memecoin Bonk (BONK), Altcoin Sherpa remains optimistic about its long-term potential. However, he warns that BONK may see a temporary cool down and could dip below $0.00003894 in the near future. Despite this caution, Altcoin Sherpa expresses confidence in the project and sees opportunities for dollar-cost averaging as an investment strategy.
Currently, DOGE is trading at $0.40, showing a 4.9% increase in the last 24 hours, while BONK is trading at $0.00004361, with a 2% increase in the same timeframe. Altcoin Sherpa’s insights provide valuable information for crypto investors looking to navigate the volatile market conditions.
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Remember, investing in cryptocurrencies carries inherent risks, and it’s essential to conduct thorough research and stay informed before making any investment decisions. Stay tuned for more updates and analysis from Altcoin Sherpa and other prominent analysts in the industry.
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