An influential crypto analyst is expressing a bearish outlook on Ethereum (ETH) despite its recent display of strength.
During a recent strategy session, the pseudonymous trader known as Credible Crypto shared with his 441,400 followers on X that Ethereum is nearing a critical point when compared to Bitcoin (BTC).
Based on his analysis, it seems that he is suggesting a potential drop of up to 20% in the Ethereum/Bitcoin pair (ETH/BTC) from its current level.
At the time of writing, Ethereum is trading at 0.0369300 BTC ($3,568).
Regarding the Ethereum/US dollar pair, the analyst warns that if ETH fails to surpass the $4,000 resistance level, the digital asset could see a pullback of up to 24% from its current price and revisit levels last seen in early November.
“A rejection here and lower high would give us a push into weekly demand, which, coupled with an approximately 10% correction on BTC, would lead us to our major $2,700-$2,800 buy zone.”
Shifting focus to Bitcoin, the analyst indicates that the leading cryptocurrency is poised for a notable price correction before any significant upward movement.
“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 currently trading at $96,809, showing a 7% increase from the one-week low of around $90,700.
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