A widely followed trader and analyst is leaning bullish on Ethereum (ETH) amid bearish sentiment on the second-largest crypto asset by market cap.
The analyst pseudonymously known as Credible Crypto tells his 459,300 followers on the social media platform X that Ethereum appears bullish on the monthly time frame despite the sentiment being bearish.
“We don’t always get high time frame price action that is this clean and the only thing I like better than crystal clear high time frame price action is sentiment to be in the absolute gutter along with it.
ETH is going to come back with a vengeance in the coming months and ironically enough, it seems it’s going to leave some of its strongest supporters (former .eths, Ethereum users who have human-readable names as their wallet addresses) behind.”
Source: Credible Crypto/X
According to the pseudonymous trader, Ethereum could go up by more than 195% from the current price.
“$10,000 is a bare minimum once we break out in my opinion, and I think $20,000 is certainly not unreasonable by the end of the cycle.”
Over the shorter term, Credible Crypto says that Ethereum will find stiff resistance at around the $4,000 price level.
“…while my original plan was to take profit at the range highs above $4,000, I will most likely be locking in gains at around $3,800-ish as there’s a chance we reject at local supply (roughly between $3,800 and $4,100) within this range.”
Source: Credible Crypto/X
Ethereum is trading at $3,390 at time of writing.
Generated Image: Midjourney
