A widely followed crypto analyst is leaning bearish on Ethereum (ETH) despite the digital asset recently showing strength.
In a new strategy session, pseudonymous crypto trader Credible Crypto tells his 441,400 followers on the social media platform X that Ethereum is rapidly approaching a trouble area when paired against Bitcoin (BTC).
-->Based on the analyst’s chart, it appears that he is suggesting that the Ethereum/Bitcoin pair (ETH/BTC) could fall by roughly up to 20 from its current level.
Source: Credible Crypto/XEthereum is trading at 0.0369300 BTC ($3,568) at time of writing.
On the Ethereum/US dollar pair, the widely followed analyst says that if ETH is unable to go above the resistance level around the $4,000 price, the second-largest digital asset by market cap could pull back by roughly up to 24 from its current level and revisit prices last recorded in early November.
“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.”
Source: Credible Crypto/XTurning to Bitcoin, the analyst says that the crypto king is primed for a significant price correction before it can go higher.
“Obviously I still think we are ultimately headed to $100,000+ but the timeline is going to change now and the move below $94,000 has opened the doors to the potential for a larger move downside first (as stated many times).”
Bitcoin is trading at $96,809 at time of writing, up by around 7 from the one-week low of around $90,700.
