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.
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.”
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.
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