A crypto analyst indicates that Ethereum may rise significantly if Bitcoin sees upward momentum. Credible Crypto noted that ETH could confirm bullish movements if it closes the month near $1,870 but warns of a potential initial dip. Meanwhile, Bitcoin itself is also on the brink of a breakout, with mixed signals in its upcoming price actions being crucial.
In recent updates, a well-known crypto analyst suggests that Ethereum (ETH) may be ready for a big jump, particularly if Bitcoin (BTC) drives an upward surge. Credible Crypto, who has a following of over 467,000 on the social platform X, mentioned that ETH could confirm a bullish trend if it manages to wrap up the month trading around $1,870.
However, there’s a significant caveat. Before any potential breakout, Ethereum might first experience a dip down to its lower price range. According to the analyst, ETH’s recent movement from the low of $1,533 appears explosive. Even though it’s grappling with some selling pressure right now, a Bitcoin breakout could lift ETH, preventing it from slipping below the $1,500 mark.
For the most optimistic outcome scenario, a monthly close above $1,870 would serve as confirmation of a bullish momentum. That said, he notes that any pullback into the green zone would present a prime risk-to-reward situation for investors, assuming the bottom is in. Conversely, if ETH loses ground in the green zone, it could indicate a decline back to range lows, potentially setting up for a final bottom in what he described as the “wick zone.”
Moving on to Bitcoin, it also appears to be on the verge of a breakout, though timing could be influenced by its immediate price performance. The analyst is targeting one additional uptrend on lower timeframes to solidify this bullish scenario. If achieved, any dips are viewed as buying opportunities, suggesting BTC could climb to $150,000 or more. Yet, should the price fall below $89,000 before seeing that final surge, a corrective pattern might form, pushing a genuine breakout further into the future.
At the time of this report, Bitcoin is trading at approximately $95,496, while Ethereum sits around $1,815.
As a note for potential investors, all commentary should be taken as opinions rather than investment advice. It’s essential for anyone interested in cryptocurrency to conduct their own research and understand the high-risk nature of these markets. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor do they provide investment advice.
