As Ethereum (ETH) 
$2,660 approaches the $3,300 mark, prominent crypto analyst Credible highlights a crucial turning point. The analyst notes that ETH is forming a local bottom and may remain stagnant at these levels before a potential rise. Maintaining this price level is critical; otherwise, it risks dropping below $2,800.
Ethereum’s Support Level Plays a Critical Role
According to Credible, it is essential to uphold the support level at $3,000 for Ethereum. Losing this level could lead ETH to fall below $2,800. However, this area is perceived as a strong demand zone, and ETH’s movements here could determine its future direction.
The analyst predicts that Ethereum could bounce from its current bottom, potentially surpassing $4,000. Given the current price movements, it is advised that investors remain cautious. If ETH can maintain the $3,000 threshold, the likelihood of an upward breakout will increase.
Bitcoin’s Correction and Upside Potential
Credible does not view Bitcoin’s current correction as negative. On the contrary, he believes this movement could trigger significant gains in the future. The consolidation at the current price levels does not pose a risk for traders, according to the analyst, who asserts that this phase presents important opportunities for long-term investors.
Credible suggests that Bitcoin 
$111,459 may experience a short-term rise but anticipates another decline afterward. Following this pullback, BTC is expected to execute a parabolic move that could reach $150,000. The current position of Bitcoin sends crucial signals to investors.
Bitcoin’s movements can influence the direction of Ethereum and other cryptocurrencies. Keeping ETH and BTC at critical levels may increase volatility in the markets. Therefore, investors should closely monitor support and resistance levels. Maintaining the $3,000 support for ETH could pave the way for a new surge, while Bitcoin’s current correction offers long-term growth opportunities.
