A widely followed crypto analyst is leaning bearish on Ethereum (ETH), despite the digital asset showing recent strength.
In a new strategy session, pseudonymous crypto trader Credible Crypto tells Its 441,400 followers on social media platform X indicate that Ethereum is quickly approaching a problem area when paired with Bitcoin (BTC).
Based on the analyst’s chart, it appears he is suggesting that the Ethereum/Bitcoin pair (ETH/BTC) could fall by around 20% from current levels.
Ethereum is trading at 0.0369300 BTC ($3,568) at the time of writing.
On the Ethereum/US dollar pair, the widely followed analyst says that if ETH cannot break above the resistance level around the $4,000 price point, the second-largest digital asset by market cap could retreat by roughly 24% from its current value . level and repeat the prices last recorded in early November.
“A rejection here and a lower high would give us a boost to weekly demand, which, combined with a roughly 10% correction on BTC, would give us our key buy zone of $2,700-$2,800.”
As for Bitcoin, the analyst say that the crypto king is ready for a significant price correction before it can move higher.
“Of course, I still think we are eventually headed to $100,000+, but the timeline is now changing and the move below $94,000 has opened the doors to the potential for bigger downside movement (as often indicated).”
Bitcoin is trading at $96,809 at the time of writing, up about 7% from a one-week low of about $90,700.
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Generated image: Midjourney
