A closely followed crypto strategist believes that Ethereum (ETH) has already carved a bear market bottom.
Pseudonymous analyst Credible Crypto tells his 345,900 followers on the social media platform X that Ethereum has likely printed a price floor after last week’s marketwide correction.
According to the trader, he expects Ethereum to break out from an ascending triangle pattern as long as ETH’s immediate support at around $1,440 holds.
“I think it’s worth pointing out that on this latest dip, we hit the high timeframe zone that I previously said would be a ‘fantastic buy’ if we get there back in May, and my opinion on that hasn’t changed.
If I’m right about BTC, then I’m likely right about ETH too, and that green zone below us was likely our bottom.
As long as it holds, I expect this ascending triangle-like structure to actually play out.”
Source: Credible Crypto/X
Looking at the trader’s chart, he appears to predict that Ethereum will consolidate between $1,600 and $2,000 for the rest of the year before igniting a parabolic surge in early 2024.
Credible Crypto holds the contrarian view that Bitcoin (BTC) will print a new all-time high before this year expires. According to the crypto strategist, he expects ETH to closely follow in the footsteps of BTC.
“I want to be clear: while I am bearish on ETH/BTC in the short term (as I’ve said I’m bearish on most ALT/BTC pairings in the short term), I am very bullish on ETH/USD and expect it to be one of the first alts that follows BTC’s lead to the upside.”
At time of writing, Ethereum is worth $1,630.
Generated Image: Midjourney
