Crypto Analyst Issues Ethereum Alert, Says ETH Approaching the First ‘Trouble Area’ – Here Are His Targets
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/X
Ethereum 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/X
Turning 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.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Will Musk Face "Reckoning" After the Election? Deutsche Bank: The Tighter the Hashpower, the More Profitable SpaceX; Political Risks Are Overestimated
Deutsche Bank believes that SpaceX's political risks are overestimated by the market—its core contracts are signed by federal executive agencies, congressional intervention is extremely limited, and there are no substitute suppliers in most business areas. The most immediate risk comes from the Texas governor-elect's tough stance on data centers, but tightening compute power supply might actually enhance SpaceX's pricing power and revenues.
U.S. Retirement Funds Could Unlock Billions for Crypto: Are You Willing to Risk These 4 Coins?
Watch Out: Major Token Unlocks Are Coming for 15 Altcoins This Week—Here’s the Day-by-Day, Hour-by-Hour Schedule
After the US stock market plummeted, "Wood Sister" Cathie Wood said: The more the market worries, the more optimistic I become, the bull market is not over
As the Nasdaq falls into a correction zone, Cathie Wood ("Sister Wood") stated that the prevailing market anxiety actually makes her more confident in the continuation of the bull market. She attributes this correction to pressures in the bond market and controversies over AI capital expenditures, but emphasizes that the technological revolution is still ongoing. She also revealed that ARK has used the opportunity to increase its holdings in high-conviction positions such as SpaceX, and expects the stock market to perform well through 2027.
Crypto prices
More
