Crypto Analyst Credible Crypto Predicts Bearish Trend for Ethereum and Bitcoin
A well-known crypto analyst, Credible Crypto, has shared a bearish outlook on Ethereum (ETH) and Bitcoin (BTC) in a recent strategy session. Despite Ethereum showing recent strength, the analyst believes that both digital assets are approaching potential trouble areas.
In a tweet to his 441,400 followers on X, Credible Crypto highlighted that the Ethereum/Bitcoin pair (ETH/BTC) could experience a significant drop of up to 20% from its current level. The analyst’s chart suggests a looming downturn for Ethereum compared to Bitcoin.
Currently, Ethereum is trading at 0.0369300 BTC ($3,568). On the Ethereum/US dollar pair, Credible Crypto warns that if ETH fails to surpass the resistance level around $4,000, it could see a pullback of up to 24% and revisit prices from early November.
According to the analyst, a rejection at this level could lead to a correction towards the $2,700-$2,800 buy zone, especially in conjunction with a potential 10% correction on Bitcoin.
Shifting focus to Bitcoin, Credible Crypto suggests that the cryptocurrency is poised for a significant price correction before any potential upward movement. Despite projecting a long-term target of $100,000+, the analyst anticipates a possible downside move following Bitcoin’s recent dip below $94,000.
As of now, Bitcoin is trading at $96,809, showing a 7% increase from its one-week low of approximately $90,700.
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