Credible Crypto, a trusted crypto analyst followed closely by investors, has expressed a contrary view that Ethereum (ETH), the king of altcoins, has already hit the bottom of the bear market. Here is the analyst’s prediction for ETH.
Ethereum, According to the Analyst, Has Hit Rock Bottom
The anonymous crypto analyst, Credible Crypto, stated that Ethereum has likely formed a bottom region after experiencing a price drop in the overall market last week. According to the analyst, as long as ETH holds above the support level around $1,440, the largest altcoin is expected to break out of the ascending triangle formation:
With this recent drop, if we reach the high time frame region I mentioned as a ‘great buying opportunity’ back in May, it is worth noting that my view has not changed. If I am proven right about BTC, I will most likely be right about ETH as well, and the green area below will likely be the bottom. I expect the ascending triangle-like structure to break and work as long as this area is defended.
Looking at the ETH chart shared by the crypto analyst, it is observed that the king of altcoins is predicted to consolidate between $1,600 and $2,000 for the rest of the year before igniting a parabolic bull run at the beginning of 2024.
Expecting ETH to Follow in BTC’s Footsteps
Furthermore, Credible Crypto reiterated the view that Bitcoin (BTC), the largest cryptocurrency, will reach an all-time high before the end of the year. The crypto analyst expects ETH to closely follow in BTC’s footsteps:
To be clear, while ETH/BTC shows a short-term downtrend (as I mentioned, most ALTCOIN/BTC pairs show a downtrend in the short term), I am extremely bullish on ETH/USD and expect ETH to be one of the first alts to follow BTC in an upward direction.
