A widely followed cryptocurrency analyst and trader believes that Ethereum (ETH) could enter a major bull run if one scenario comes true in the near future.
An anonymous analyst going by the name Credible Crypto told his 394,900 followers on social media platform X that while Bitcoin (BTC) could fall to the low $60,000 range, Ethereum could surge if it holds a key support level on the hourly chart.
“ETH is still holding this inverted resistance. [in the $3,300 range] This is acting as support so it's not too bad right now. My main scenario is for BTC to drop to $62,000-$63,000 so I think it's more likely to eventually drop below that, but for now it looks decent…
If BTC reaches $62,000-$63,000 and ETH still holds at this level [above $3,360]That's probably a very bullish view.”
Ethereum was trading at $3,721 at press time, down more than 2% over the past 24 hours, while Bitcoin was trading at $68,253 at press time, unchanged from the previous day.
Secondly, the analyst warns that Solana (SOL) could fall against Bitcoin (SOL/BTC) if the king of cryptocurrencies falls to $62,000 and then continues to rise. He says Solana could face a major correction as market participants believe they will rotate their capital to ride Bitcoin's next rally.
“The scenarios below are my take on BTC and SOL at the moment. This will all be triggered and come into play when BTC drops from $62,000 to $63,000. Note: The only time SOL is bearish and BTC is bullish is because the SOL/BTC chart looks like the top of a distribution… Looking at SOL in this context: [SOL/BTC] Look at the chart and it makes sense.”
SOL/BTC is trading at 0.00245 BTC ($167) at the time of writing, down around 3% over the past 24 hours.
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