Credible Crypto, which is famous for its Bitcoin predictions, says that the Ethereum (ETH) price is trading in the historical opportunity zone. In his analysis, he stated that the altcoin price has confirmed a new low, now ready for a rally.
Credible Crypto says altcoin market has bottomed out
The closely followed crypto strategist believes that Ethereum is currently the bottom of the bear market. In his current analysis, he said that the altcoin price has found its base price after correcting last week. Credible Crypto states that as long as ETH price stays around $1,440, it will maintain suitable ground for the rally. The analyst awaits higher levels, accompanied by an ascending triangle formation. According to their analysis:
I think it’s worth noting that in this last drop we’ve reached the high time frame I previously said would be a ‘great buy’ if we go back there in May, and my opinion on the matter hasn’t changed.
If I’m right about BTC, I’m probably right about ETH, and the green zone below us was probably our bottom. As long as this continues, I expect this ascending triangle-like structure to actually function.
While I haven't commented on $ETH in a while because my focus right now is $BTC (as I expect it to lead), I think it's worth pointing out that on this latest dip we hit the HTF zone that I previously said would be a "fantastic buy" if we get there back in May- and my opinion on… https://t.co/I6g1Tl0Z8F pic.twitter.com/hMyZcskJQL
— CrediBULL Crypto (@CredibleCrypto) August 22, 2023
According to the chart shared by the analyst, Ethereum will trade in the 1,600-2,000 region before a potential 2024 bull. The green boxed area below depicts an absolute support base for Ethereum as long as BTC price maintains the $24,800 area. Credible Crypto expects a rally to $4,000 after this breakout for the leading altcoin.
Analyst firmly committed to BTC price making ATH this year
Credible Crypto is among analysts who think that Bitcoin will record a new high before the end of this year. The crypto strategist expects ETH to closely follow in the footsteps of BTC:
I want to be clear: While I’m bearish on ETH/BTC in the short term (as I said I’m bearish on most ALT/BTC pairs in the short term), I’m pretty bullish on ETH/USD and expect BTC to be one of the first altcoins to follow its rise. .
This altcoin investor hit the lottery with bottoming ETH price
The leading altcoin is currently trading just above the $1,400-1,600 support base that Credible pointed out. Current levels mean a ‘fantastic’ opportunity zone, according to the analyst, while one GMX user efficiently capitalized on the recent drop.
Blockchain tracker Lookonchain has found that a trader using decentralized exchange (DEX) GMX has earned more than $1 million by accurately predicting Ethereum’s price action over the past few weeks.
A GMX trader shorted $ETH at a high price on Jul 14 and closed the position after the market crashed on Aug 17, making nearly $1M.
Then went long $ETH immediately, the entry price was $1,624, and the current profit is $189.5K. pic.twitter.com/h97b6XMm3k
— Lookonchain (@lookonchain) August 21, 2023
Lookonchain found that the investor shorted the ETH price on July 14 as it hovered around its local high of $2,000. It then closed its position after Thursday’s market crash, making a profit of nearly $1 million. As we reported as Kriptokoin.com, institutional investors preferred to stay away from the leading altcoin project throughout the process.
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