A pseudonymous crypto trader on Wednesday shared a bearish outlook for two of the most popular cryptocurrencies, Bitcoin BTC/USD and Ethereum ETH/USD.
What Happened: Crypto Tony told his 303,500 followers on Twitter that both cryptocurrencies could potentially drop to lower targets if they fail to remain above their respective key levels.
According to the analyst, BTC recently lost the support zone, leading to a short-selling opportunity.
He mentioned that if BTC remains below the $27,500 price level, then he expects it to hover around the $26,000 to $25,000 range.
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Why It Matters: Similarly, for Ethereum, Crypto Tony said that he stopped out of the long position in profit and flipped short while below $1,890, after ETH was rejected hard and closed below the support zone.
The trader is now targeting a minimum low of $1,700 for ETH. This new target price suggests a potential downward pressure for Ethereum, similar to their previous prediction.
Price Action: At the time of writing, ETH was trading at $1,874, up 1.23% in the last 24 hours, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Fall As Investors Track Debt Ceiling Progress: Trader Says ‘It Really Is Time’ For Apex Crypto To Reach Yearly-Highs
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