A popular crypto analyst and trader says that Ethereum (ETH) could signal the start of a new altseason, but the second-largest crypto asset by market cap must set a new milestone first.
In a new strategy session, pseudonymous trader Credible tells his 35,100 YouTube subscribers that a fresh altseason could come to life once Ethereum takes out a massive resistance area against Bitcoin (ETH/BTC).
“So we’re looking for a monthly close above 0.077 BTC ($5,205) on the Ethereum/Bitcoin chart to be confident that we’ve broken through. Once we do that, Ethrereum will absolutely take off, and altcoins will follow right behind.
So we’re at a very key point where if Bitcoin decides to relax for a little bit and range, Ethereum can continue to pump to the upside, sending Ethereum/BTC above this area of resistance and confirming a breakout and confirming altseason essentially.”
Looking at the monthly chart of ETH/BTC, Credible highlights that the pair has been carving higher lows every time it gets rejected at the crucial resistance zone.
“Every monthly close that we’ve got right up against this resistance, unable to break through, but it’s only a matter of time before it breaks.”
Credible also says he’s bullish on Ethereum against the US dollar (ETH/USD), which he notes is a positive sign for altcoins.
“Ethereum, generally, is known to lead the alt market, so when Ethereum is making very massive moves to the upside, generally it’s expected that alts will follow suit. And you can see here that Ethereum has now entered price discovery, which is always very bullish for any coin that we’re looking at.
Ethereum is entering price discovery and looks like it’s gonna continue pushing up to new all-time highs. Yes, we can obviously pull back. There’s no guarantees that we head straight up, but it looks quite likely that we will.”
Ethereum is currently trading at $4,811.
Looking at Bitcoin (BTC), Credible is mapping out two potential scenarios for the king crypto. According to the crypto trader, Bitcoin could either print a new all-time high above $70,00 before a corrective move or could just continue moving higher without a significant pullback.
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