Zinger Key Points
- Top crypto analyst notes Ethereum facing a potential downturn while Bitcoin exhibiting unexpected resilience.
- Investors should remain on alert, as Bitcoin's strength may not prevent a significant altcoin market drop.
- Get New Picks of the Market's Top Stocks
Crypto trader and analyst CrediBULL Crypto predicts a possible downturn for Ethereum ETH/USD, while Bitcoin BTC/USD demonstrates strength.
What Happened: CrediBULL Crypto noted that Ethereum is halfway to its downside target, while Bitcoin is showing obvious strength against the altcoin. This is in line with his previous prediction that ETH would hit major high timeframe support while BTC would front-run it.
Currently, the trader thinks, "With the amount of weakness we are seeing on ETH right now it's certainly possible ETH sees new local lows (sub $2800) while BTC makes a higher low."
However, he cautioned that if BTC starts to lose momentum and dips into the $53,000 range, it could trigger a significant downturn across the altcoin market. He tells his followers to stay alert, as a move down into the weekly demand ($50,000-$53,000) for BTC would be a significant opportunity before the next leg up to higher than $100,000.
Also Read: Ethereum ETFs Are Live: Here’s How Experts Assess Their Launch
Why It Matters: CrediBULL Crypto’s analysis provides valuable insights into the potential future movements of the crypto market. His predictions are based on market trends and the relative strength of BTC against ETH.
His optimistic outlook for BTC, despite potential short-term dips, suggests confidence in the long-term strength and resilience of the leading cryptocurrency.
In his tweet last week, CrediBULL stressed the ideal buy zone for Ethereum being $2,200 to $2,700, which is right below a pair of equal lows and into HTF demand. He also said it would be sensible for Bitcoin to front-run that equivalent zone of its own, finding support at weekly demand above $50,000.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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