A widely followed crypto analyst says that Ethereum (ETH) looks primed to skyrocket if Bitcoin (BTC) sparks a rally to the upside.
In a new thread, prominent crypto strategist Credible Crypto tells his 467,100 followers on the social media platform X that the second-largest digital asset by volume would confirm a bullish move by closing the month with a price tag near $1,870.
However, according to the trader, the top altcoin could first see a dip that sees it plunge near its range lows before it breaks out.
“ETH is in a similar position where the move off of $1,533 does look impulsive. We are at supply here but if BTC breaks out, ETH should as well, and in that case, we would not expect to see below $1500 again.
For this most bullish scenario, we will get further confirmation on a monthly close above our key HTF (high time frame) level at $1,870. If we pull back, dips into GREEN would offer the best R/R (risk reward ratio) opportunity if the bottom is indeed already in.
If green is lost, however, then it means we probably move back down to range lows for a push into our ‘wick zone’ and a ‘final’ bottom.”
The trader goes on to say that BTC itself appears on the cusp of a breakout, which could be delayed based on how the crypto king performs in the short term.
“We are looking for one more leg up here on lower timeframes to seal the deal. If we get it, then dips are for buying to at least $150,000+ basically.
If we move back below $89,000-ish before getting another leg up then we end up with a three-legged (corrective) structure and that would mean we just have to wait longer for the ‘real’ breakout.”
BTC and ETH are trading for $95,496 and $1,815, respectively, at time of writing.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
