After the approval process for the Ethereum ETF, attention returned to the market. The ETF was approved, causing significant price fluctuations. The initial drop followed by a recovery did not go unnoticed. During this period, a well-known analyst suggested that Ethereum (ETH) could start a major bull run if a scenario pointing to the near future comes true.
Ethereum Dollar Outlook and Analyst Comments
Credible Crypto, an analyst, made important statements to his followers on X. He mentioned that Ethereum holding onto significant support in the hourly chart and Bitcoin (BTC) possibly falling below $60,000 could lead to a parabolic move.
ETH is still holding this inverted resistance [around $3,300] as support, so it doesn’t look too bad right now. My primary scenario was BTC falling to $62,000-63,000, and I still think we will eventually drop, but for now, it looks good… If BTC reaches $62,000-63,000 and ETH is still holding above this area [above $3,360], it will likely be a very significant rise.
Despite the ETF news, Ethereum’s price dropped more than 2% in the last 24 hours. After the drop, ETH continues to trade at $3,721. Meanwhile, Bitcoin is still finding buyers around $68,900, indicating a 2.85% increase.
Solana Coin Commentary
The analyst also noted that Solana (SOL) could experience a decline against Bitcoin if BTC pulls back to $62,000 and then starts an upward move again. He mentioned that a significant correction could occur for Solana, and investors might redirect their capital to Bitcoin following its potential rise.
The scenario below explains how I currently see things with BTC and SOL. All this is triggered/comes into play with BTC falling to $62,000-63,000. Note that a simultaneous drop in SOL and rise in BTC could occur due to the SOL/BTC chart looking like a distribution top… Looking at SOL in the context of this [SOL/BTC] chart, this makes sense.
Looking at the SOL/BTC pair, the price is seen finding buyers around 0.00245 BTC ($167), indicating a roughly 3% drop in the last 24 hours.
