A widely followed cryptocurrency analyst and trader believes Ethereum (ETH) could go on a massive bull run if one scenario plays out in the near term.
The analyst pseudonymously known as Credible Crypto tells his 394,900 followers on the social media platform X that Ethereum could go parabolic if it holds a key support level on the hourly chart while, at the same time, Bitcoin (BTC) dips to a lower $60,000 range.
“ETH still holding this flipped resistance [in the $3,300 range] which is acting as support so doesn’t look that bad at the moment. Again with my primary scenario being a breakdown on BTC to $62,000-$63,000 now I think we probably end up falling back below ultimately but for now it looks decent…
If by the time we get to $62,000-$63,000 on BTC and ETH is still holding this region [above $3,360], that would probably be really freaking bullish.”
Ethereum is trading for $3,721 at time of writing, down more than 2% in the last 24 hours. Meanwhile, Bitcoin is trading for $68,253 at time of writing, flat on the day.
Next up, the analyst warns Solana (SOL) may break down against Bitcoin (SOL/BTC) if the crypto king dips to as low as $62,000 and then continues upward. He says Solana could face a big corrective move as he believes market participants would rotate their capital to ride the next burst to the upside for Bitcoin.
“The scenario below is how I’m viewing things with respect to BTC and SOL at the moment. This all gets triggered/comes into play on a BTC breakdown into $62,000-$63,000. Note, it is only possible to be bearish SOL and bullish BTC simultaneously because of confluence with the SOL/BTC chart looking like a distribution top… When looking at SOL in context of this [SOL/BTC] chart, it makes sense.”
SOL/BTC is trading for 0.00245 BTC ($167) at time of writing, down nearly 3% in the last 24 hours.
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