Ethereum (ETH) Positioned For a Correction?
A well-known crypto analyst going by the pseudonym "Cred" warns Ethereum holders of a possible corrective move.
The analyst has 47,200 subscribers on YouTube and is closely followed in the crypto community.
Ethereum struggles to break key resistance level
Cred believes that Ethereum’s price is currently struggling to break a critical resistance level on the monthly timeframe. The analyst believes altcoin’s current market structure makes it vulnerable to a quick pullback.
In the event of a price drop, Cred advises keeping an eye out for a “triple higher low structure” that could lead to further declines.
Risk of correction
The analyst points out that the trendline-like higher lows in Ethereum’s price movement make it more vulnerable to a correction. If there is a rejection from the monthly level of $1,678, there is a likelihood of a price drop, potentially below $1,600. This is particularly concerning due to the messy pre-breakout consolidation.
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Bitcoin (BTC) rally stalls
Cred also explains why he believes the king of cryptocurrencies, Bitcoin, has seen its rally stall.
The analyst observed that the momentum in the daily timeframe of Bitcoin (BTC) has changed significantly. In the past, there was a sequence of three price movements, with an initial impulse, followed by a short period of consolidation, and another strong impulse. However, at the current price level of $23,000, the analyst notes that there is only a period of consolidation and a failed attempt to break out.
The analyst explains that the failed break out is because the current price is near a significant level. The analyst implies that different price levels will have different types of price action, and one cannot expect the same kind of movement at different price levels.
Summary:
- Who is Cred, the crypto strategist?
Cred is a pseudonymous analyst closely followed in the crypto community for his market insights and analysis. He has 47,200 subscribers on YouTube. - What is the warning about Ethereum (ETH)?
Cred is warning Ethereum holders of a possible corrective move, as the analyst believes Ethereum is struggling to break a critical resistance level and is vulnerable to a quick pullback. - What is the situation with Bitcoin (BTC)?
Cred believes that the Bitcoin rally has stalled and that the daily timeframe shows a change in momentum. The analyst believes the market is now at a significant level, which may result in a different price action than previously seen.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
