Trader Credible Says Ethereum (ETH) Is at a Pivotal Point as It Hovers Close to $3000

Pseudonymous trader Credible tells his 459,900 followers on the social media platform X that Ethereum may be in the midst of carving a local bottom

Pseudonymous crypto analyst Credible is known for making his market calls in a timely manner. Now, the analyst has his eyes set on Ethereum (ETH) as it trades close to the $3,000 level.

Credible, a pseudonymous crypto analyst with 459,900 followers on the social media platform X, believes that Ethereum (ETH) may be forming a local bottom, setting the stage for a potential rally.

However, the analyst highlights the importance of ETH holding its immediate support at around $3,000, as a loss of this level could lead to a further decline in the price of the leading smart contract protocol, potentially dropping below $2,800.

“Here we are. First of two levels that I believe will mark our bottom on ETH. Moment of truth here, let’s see if it holds. If it’s lost, then we hit the monthly demand below which should mark our HTF (high time frame) bottom. Many other coins also hitting key/pivotal levels right now.”

Credible’s chart suggests that ETH could rally past $4,000 after bottoming out. At the time of writing, ETH is valued at $3,170.

As for Bitcoin, the analyst views the current correction in a positive light rather than a negative one. According to Credible, the retracement is preparing the ground for a potential Bitcoin short squeeze.

Short selling involves selling borrowed shares of a stock with the expectation that the price will fall. When this happens, traders are forced to close their positions, leading to further rallies.

Credible explains, “BTC is simply heading down to one end of our range that we’ve been trapped in for the last week, nothing to be freaking out about.

In fact, I’m glad we’re going for the lows first because it’s healthier for us to take liquidity from the lows of this range while leaving liquidity behind at the highs.

Eyes on the range lows to see if this is just a liquidity grab at one end of the range before going for the other…”

While Credible anticipates a short-term rally in BTC, the analyst predicts that Bitcoin may experience another round of decline after the surge before embarking on a parabolic uptrend toward $150,000.

“In a perfect world…”

At the time of writing, Bitcoin is valued at $102,080.