Renowned cryptocurrency analyst Altcoin Sherpa has issued a cautionary warning about Ethereum (ETH) potentially facing a significant correction in its Bitcoin pair (ETH/BTC).
With a following of 233,100 followers on the social media platform X, the trader expressed concerns that ETH/BTC could experience a decline exceeding 35% from its current value.
“ETH: I don’t know if this bottoms until 0.024 BTC ish, could be another big move down if BTC legs up past $100,000 strongly. Utter destruction.”
As of the latest update, ETH/BTC is trading at 0.03768 BTC ($3,624), showing a 3.92% increase in the past 24 hours.
Additionally, Altcoin Sherpa has signaled a potential dip for Dogecoin (DOGE), the leading memecoin by market cap, projecting a drop below the lower bound of a trading range to around $0.32.
“DOGE: deviation above the highs, now probably going to be a deviation below the lows. Still bullish on this one overall and even more so if BTC legs up.”
At present, DOGE is priced at $0.40, marking a 4.9% increase in the last 24 hours.
Concluding the analysis, Altcoin Sherpa remains optimistic about Solana (SOL)-based memecoin Bonk (BONK) but forewarns of a potential dip below $0.00003894 in the near future.
“BONK: I still hold a bag of this and some temporary cool down seems totally fine/healthy when zooming out. 0.50 fib and a bit lower are both reasonable spots to scale in (I’m in from higher and comfortable just dollar-cost averaging this one as an investment). Still holding for a while.”
Currently, BONK is trading at $0.00004361, reflecting a 2% increase in the past 24 hours.
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Generated Image: Midjourney