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The Daily Hodl 2024-11-30 10:15:12

Crypto Analyst Issues Ethereum Alert, Says ETH Approaching the First ‘Trouble Area’ – Here Are His Targets

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. Source: Credible Crypto/X 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.” Source: Credible Crypto/X 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. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Crypto Analyst Issues Ethereum Alert, Says ETH Approaching the First ‘Trouble Area’ – Here Are His Targets appeared first on The Daily Hodl .