Credible Crypto Plots The Next Moves For Ethereum (ETH) And Bitcoin (BTC)
According to a top crypto analyst and trader, known as Credible Crypto, Ethereum (ETH) could trigger the beginning of a new altseason, but there is a catch. He also draws two possible scenarios for Bitcoin.
Ethereum (ETH)
In a recent video update, the analyst shared with his 35.3K YouTube subscribers that a new altseason could emerge if Ethereum breaks out from a key resistance level against Bitcoin (ETH/BTC).
“So we’re looking for a monthly close above 0.077 BTC ($5,205) on the Ethereum/Bitcoin chart to be confident that we’ve broken through. Once we do that, Ethrereum will absolutely take off, and altcoins will follow right behind.
So we’re at a very key point where if Bitcoin decides to relax for a little bit and range, Ethereum can continue to pump to the upside, sending Ethereum/BTC above this area of resistance and confirming a breakout and confirming altseason essentially.”
Credible looks into the monthly closes of ETH/BTC, and points out that ETH against BTC has been recording higher lows every time it gets rejected at the crucial resistance zone.
“Every monthly close that we’ve got right up against this resistance, unable to break through, but it’s only a matter of time before it breaks.”
The trader is also bullish on Ethereum against the US dollar (ETH/USD), which according to him is a promises good things to come altcoins.
“Ethereum, generally, is known to lead the alt market, so when Ethereum is making very massive moves to the upside, generally it’s expected that alts will follow suit. And you can see here that Ethereum has now entered price discovery, which is always very bullish for any coin that we’re looking at.
Ethereum is entering price discovery and looks like it’s gonna continue pushing up to new all-time highs. Yes, we can obviously pull back. There’s no guarantees that we head straight up, but it looks quite likely that we will.”
At the time of writing Ethereum trades at $4,720, according to CoinMarketCap.
Bitcoin (BTC)
Credible is mapped out two possible scenarios for Bitcoin. In the first scenario, Bitcoin would break a new all-time high above $70K before a corrective move. In the second scenario Bitcoin would break $70K and continue to ascend.
