A widely followed analyst is saying Ethereum (ETH) could depreciate massively against Bitcoin (BTC) if the second-largest crypto asset by market cap loses a key support level.
The analyst, pseudonymously known as Sherpa, tells his 245,400 followers on the social media platform X that Ethereum is at a “do-or-die” level when paired against Bitcoin.
According to Sherpa, Ethereum could plunge by around 58% from the current price if the major support level at around 0.01745 BTC is lost.
“If you lose this area, then you go back to early 2017 levels for Ethereum…”
Ethereum is trading at 0.01898 BTC at time of writing, down by around 88% from the all-time high reached in June of 2017.
Next up is Bitcoin. The pseudonymous analyst says that over the short term, Bitcoin could enjoy a rally before undergoing a correction of up to 20% from the target price.
A correction will then be followed by another rally to a higher target price later. According to Sherpa, the up and down movements in Bitcoin’s price will be correlated to those of altcoins all through.
“Continued Rally until $100,000 BTC; altcoins continue to do well until then, followed by equities pulling back (currently in a lower high rally) = BTC pullback to $80,000, altcoins also pullback.
Chop period and then much higher in third quarter/fourth quarter.”
Bitcoin is trading at $94,460 at time of writing, up by around 13% over the past two weeks.
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