Categories: Market

According to KOL Credible, Ethereum could trigger the old season

Prominent analyst Credible says Ethereum could signal the start of a new altcoin season, but the second largest crypto asset by market cap has to hit a new milestone first.

In one Strategy meeting New, Credible says a new altcoin season could emerge if Ethereum removes a large area of resistance for Bitcoin (ETH / BTC).

“ETH convincingly needs a month-end closing of 0.077 BTC (5,205 USD). After the success, Ethrereum will withdraw completely and Altcoins will follow.

So ETH is at a very important point where if BTC were to let up a bit, # 2 could continue to rise, taking the pair above the aforementioned resistance area and confirming a breakout while also marking the end of a breakout. The start of the altcoin season. “

Looking at the ETH / BTC monthly chart, Credible highlighted that the pair has hit a higher low every time it was rejected in a key area of resistance.

“Every month-end it faces this resistance that cannot be exceeded, but it’s only a matter of time before it breaks.”

Source: Credible / YouTube

Credible also said he is bullish on ETH / USD, which he believes will be a positive sign for altcoins.

“In general, Ethereum is known for leading the altcoin market. So if it makes big upward moves, other coins will generally follow suit. And you can see that ETH has now started exploring the price and it looks like it will continue to hit new ATHs, which is always very optimistic for any coin we look at.

There is no guarantee that ETH will go straight, but it looks like it. ”

Source: Credible / YouTube

Ethereum is currently trading at $ 4,811.

With Bitcoin in mind, Credible outlines two possible scenarios for the crypto king. According to him, before a correction, Bitcoin could hit a new all-time high of over $ 70,000 or continue to rise without a significant decline.

Source: Credible / YouTube

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Annie

According to Dailyhodl

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.