A closely watched crypto strategist believes that Ethereum (ETH) has already bottomed out in the bear market.
Pseudonymous analyst Credible Crypto tells his 345,900 followers on the social media platform X that Ethereum has likely pushed a price floor after last week’s market-wide correction.
According to the trader, he expects Ethereum to break out of a bullish triangle pattern as long as ETH’s immediate support holds around USD 1,440.
“I think it’s worth pointing out that on this latest dip we’ve hit the high time frame that I previously said would be a ‘great buy’ when we get there again in May, and my view on that is not changed.
If I’m right about BTC then I’m probably right about ETH too, and that green zone below us was probably our bottom.
As long as this holds, I expect this ascending triangular structure to actually develop.”
Looking at the trader’s chart, he appears to be predicting that Ethereum will consolidate between $1,600 and $2,000 for the rest of the year before a parabolic wave forms in early 2024.
Credible Crypto believes that Bitcoin (BTC) will set a new all-time high before the end of this year. According to the crypto strategist, he expects ETH to follow closely in BTC’s footsteps.
“I want to be clear: While I am bearish on ETH/BTC in the short term (as I have said, I am bearish on most ALT/BTC combinations in the short term), I am very bullish on ETH/USD and I expect it to be one of the first alts to follow BTC’s positive example.”
At the time of writing, Ethereum is worth $1,630.
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Image generated: Midway through the journey