An individual recognized for their accurate cryptocurrency predictions suggests that Ethereum (ETH) is currently at a critical juncture as it approaches the $3,000 mark.
Known as Credible, this trader with a large following on X social media platform shares with 459,900 followers that Ethereum might be establishing a local bottom before embarking on a new uptrend.
As per Credible, it is crucial for Ethereum bulls to defend the immediate support level around $3,000; otherwise, the leading smart contract platform could drop below $2,800.
“Here we are.
The first of two levels that I believe will mark our bottom on ETH.
Moment of truth here, let’s see if it holds.
If it’s lost, then we hit the monthly demand below which should mark our HTF (high time frame) bottom.
Many other coins also hitting key/pivotal levels right now.”
Based on Credible’s chart analysis, it appears that ETH could surge above $4,000 after finding support. At the time of writing, Ethereum is valued at $3,170.
Shifting focus to Bitcoin, Credible views the current BTC correction positively, seeing it as a setup for a potential short squeeze in the crypto market.
“BTC is simply heading down to one end of our range that we’ve been trapped in for the last week, nothing to be freaking out about.
In fact, I’m glad we’re going for the lows first because it’s healthier for us to take liquidity from the lows of this range while leaving liquidity behind at the highs.
Eyes on the range lows to see if this is just a liquidity grab at one end of the range before going for the other…”
Although Credible anticipates a short-term BTC rally, he predicts a potential further downward move before a significant upward surge towards $150,000.
“In a perfect world…”
At present, Bitcoin is trading at $102,080.
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Generated Image: Midjourney
