Despite Ethereum (ETH) recently showing strength, a well-known crypto analyst is taking a bearish stance on the digital asset. In a new strategy session, Credible Crypto, a pseudonymous crypto trader, warns his 441,400 followers on the social media platform X that Ethereum is approaching a problematic area when compared to Bitcoin (BTC).

According to the analyst’s chart, it seems that he is suggesting that the Ethereum/Bitcoin pair (ETH/BTC) could decline by approximately 20% from its current level.


Source: Credible Crypto/X

At the time of writing, Ethereum is trading at 0.0369300 BTC ($3,568).
Regarding the Ethereum/US dollar pair, the analyst, who is widely followed, states that if ETH fails to surpass the resistance level around $4,000, the second-largest digital asset by market cap could experience a pullback of around 24% from its current level and revisit prices seen in early November.

“A rejection here and a lower high would lead us into weekly demand, which, when combined with an approximate 10% correction on BTC, would give us our major buy zone of $2,700-$2,800.”


Source: Credible Crypto/X

Moving on to Bitcoin, the analyst suggests that the crypto king is poised for a significant price correction before it can rise further.

“Obviously, I still believe that we will ultimately reach $100,000+, but the timeline will now change, and the move below $94,000 has opened the possibility for a larger downside move first (as mentioned many times).”
At the time of writing, Bitcoin is trading at $96,809, up around 7% from its one-week low of approximately $90,700.

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