In a recent strategy session on social media platform X, popular crypto analyst Credible Crypto expressed a bearish sentiment towards Ethereum (ETH) despite its recent display of strength. With a substantial following of 441,400 users, the analyst warned that Ethereum is approaching a precarious area when compared to Bitcoin (BTC). According to Credible Crypto’s analysis, the Ethereum/Bitcoin pair (ETH/BTC) could potentially experience a drop of up to 20% from its current level.
Ethereum is currently trading at 0.0369300 BTC ($3,568), and the analyst pointed out that if ETH fails to surpass the resistance level around $4,000, the second-largest digital asset by market cap may face a correction of up to 24%, leading it to revisit prices last seen in early November. The analyst suggested that a rejection at this level could result in a lower high, pushing Ethereum into a weekly demand zone. This, combined with an approximate 10% correction in Bitcoin, could create a buying opportunity in the range of $2,700-$2,800 for ETH.
Shifting focus to Bitcoin, Credible Crypto mentioned that the primary cryptocurrency is poised for a significant price correction before any major upward movement. Although the analyst remains bullish in the long term with a target of $100,000 or more, he acknowledged the possibility of a larger downside move following the recent drop below $94,000. Bitcoin is currently trading at $96,809, showing a slight recovery from its one-week low of around $90,700.
The analysis by Credible Crypto has sparked discussions among cryptocurrency enthusiasts, with many closely watching the price movements of Ethereum and Bitcoin. Traders are advised to monitor key resistance levels, such as $4,000 for Ethereum and $94,000 for Bitcoin, to gauge potential market directions. The anticipated corrections in both digital assets could present buying opportunities for investors looking to enter the market at lower price points.
In conclusion, the latest insights from Credible Crypto suggest a cautious approach towards Ethereum and Bitcoin in the short term, despite the overall bullish sentiment in the crypto market. Traders are encouraged to conduct their own research and analysis before making investment decisions, as the volatility of digital assets can lead to rapid price movements. Keeping a close eye on key support and resistance levels can help investors navigate the turbulent waters of the cryptocurrency market and seize potential opportunities for profit.
