After the approval process for the Ethereum ETF in cryptocurrencies, attention turned back to the market. The ETF was approved, and significant price fluctuations occurred. The price initially dropped but then recovered, which did not go unnoticed. During this period, a well-known analyst from the market suggested that if a scenario pointing to the near future comes true, Ethereum (ETH) could start a major bull rally.
Ethereum Dollar Outlook and Analyst Comments
Credible Crypto, an analyst, made important statements to his followers on X. In his statements, he noted that if Ethereum holds onto a significant support level in its hourly chart analysis and Bitcoin (BTC) potentially falls below $60,000, it could take a parabolic turn.
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’ll eventually fall, but for now, it looks good… If BTC reaches $62,000-63,000 and ETH still holds above this region [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 continues to find buyers around the $68,900 region, 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 movement again. The analyst suggests that a significant correction could occur on the Solana side, and investors might direct their capital to this area following a potential rise in Bitcoin.
The scenario below describes how I currently see things with BTC and SOL. All of 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… When we look at SOL in the context of this [SOL/BTC] chart, it makes sense.
Looking at the SOL/BTC pair, the price is seen finding buyers around the 0.00245 BTC (167 dollars) region, which means a roughly 3% drop in the last 24 hours.
