A closely followed crypto strategist warns that Ethereum (ETH) will continue to lag behind the flagship digital asset Bitcoin (BTC).
Trader Credible Crypto tells his 353,200 followers on the social media platform X that the Ethereum versus Bitcoin pair (ETH/BTC) is still in a macro downtrend.
[adinserter block="1"]According to the analyst, the ETH/BTC rally spurred by news that investment giant BlackRock filed for a spot market Ethereum exchange-traded fund (ETF) quickly faded, indicating the pair’s weakness.
“ETH/BTC has almost fully retraced the ‘ETF pump’ from last week. Even that narrative was a bit flawed in my opinion because yeah an ETH ETF may be coming but a BTC one is coming first.
So why would ETH outperform now?
Been calling for this move down for literally months, and we are over 50% lower since then with more downside coming.
I will be the biggest ETH bull when the time is right but that time isn’t now. Embrace the BTC run that is coming and when the time is right, we can embrace the ETH run that will follow.”
Looking at the trader’s chart, he seems to predict that ETH/BTC will fall down to the green box which covers the range between 0.03 BTC and 0.036 BTC ($1,121 and $1,345).
At time of writing, ETH/BTC is trading for 0.054 BTC ($2,018).
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
