A well-known cryptocurrency analyst and trader, known as Credible Crypto, has shared his thoughts on the potential for Ethereum (ETH) to experience a significant bull run in the near future. According to the analyst, Ethereum could see a parabolic rise if it manages to maintain a crucial support level on the hourly chart, while Bitcoin (BTC) drops to a range of around $60,000.
Credible Crypto, who has a substantial following of 394,900 people on the social media platform X, believes that Ethereum’s current situation is not unfavorable, as it is still holding a support level that was previously a resistance level at around $3,300. However, the analyst expects Bitcoin to experience a breakdown to the $62,000-$63,000 range, which could ultimately cause Ethereum to fall back below its current level. Nonetheless, Credible Crypto finds Ethereum’s performance decent for now, stating that if Ethereum continues to hold above $3,360 when Bitcoin reaches the aforementioned range, it would be an incredibly bullish sign.
At the time of writing, Ethereum is trading at $3,721, experiencing a decrease of more than 2% in the last 24 hours. On the other hand, Bitcoin is trading at $68,253, remaining relatively stable throughout the day.
Moving on, Credible Crypto expresses concerns about the potential breakdown of Solana (SOL) against Bitcoin (SOL/BTC) if Bitcoin drops to $62,000 and then starts to rise again. The analyst believes that in such a scenario, Solana could face a significant corrective move, as market participants are likely to shift their capital to take advantage of the next upward surge in Bitcoin.
Credible Crypto presents a chart illustrating his perspective on the situation, highlighting the correlation between Bitcoin and Solana. According to the analyst, the chart suggests a distribution top for Solana against Bitcoin, supporting his bearish stance on SOL and bullish stance on BTC.
Currently, SOL/BTC is trading at 0.00245 BTC ($167), experiencing a decrease of nearly 3% in the last 24 hours.
In conclusion, Credible Crypto emphasizes the importance of monitoring the developments in Bitcoin and Ethereum, as they could have a significant impact on the overall cryptocurrency market. As always, investors are advised to conduct thorough research and exercise caution before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets.
Disclaimer: The opinions expressed in this article are not intended as investment advice. Investors should conduct their own research and exercise caution when making investment decisions in the volatile cryptocurrency market. The Daily Hodl is not responsible for any losses incurred by individuals as a result of their investments.
