A well-known cryptocurrency analyst and trader, who goes by the pseudonym Credible Crypto, has expressed his belief that Ethereum (ETH) could experience a major surge in value if certain conditions are met. Credible Crypto, who has a large following of 394,900 on the social media platform X, suggests that if Ethereum maintains a crucial support level on the hourly chart while Bitcoin (BTC) falls to a lower range of around $60,000, then Ethereum could skyrocket. Credible Crypto states, “ETH is still holding the flipped resistance around $3,300, which is now acting as support. This indicates that things are not looking too bad at the moment. My primary scenario is a breakdown in BTC to the $62,000-$63,000 range. If we reach that point and ETH is still holding above $3,360, then that would be extremely bullish.”

As of the time of writing, Ethereum is trading at $3,721, experiencing a decrease of over 2% in the past 24 hours. On the other hand, Bitcoin is trading at $68,253, remaining stable for the day.

Moving on, Credible Crypto suggests that Solana (SOL) may face a decline against Bitcoin (SOL/BTC) if Bitcoin reaches as low as $62,000 and then continues its upward movement. Credible Crypto believes that market participants would shift their capital to capitalize on the next surge in Bitcoin, causing a significant correction for Solana. He explains, “This is my current view of the situation with regards to BTC and SOL. This scenario will come into play if BTC breaks down to the $62,000-$63,000 range. It’s important to note that I can be bearish on SOL and bullish on BTC at the same time due to the SOL/BTC chart resembling a distribution top. When considering SOL in relation to this chart, it all makes sense.”

At the time of writing, SOL/BTC is trading at 0.00245 BTC ($167), experiencing a decrease of nearly 3% in the past 24 hours.

To stay updated with the latest news, subscribe to receive email alerts directly to your inbox. You can also follow us on X, Facebook, and Telegram or check the price action.

Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that any transfers or trades you make are at your own risk, and you are solely responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.