Credible, a well-known crypto strategist with a large following, shared his bullish outlook on Ethereum (ETH) and the broader altcoin markets in a recent Twitter update. Credible anticipates an impending rally in ETH but anticipates a significant retracement afterwards. This article goes into detail about his analysis and predictions.
Credible, the pseudonymous analyst known for his accurate crypto market predictions, has shared his thoughts on Ethereum’s future path. Credible’s forecasts carry significant weight in the cryptocurrency community, with a current Twitter following of over 340,600 people.
According to Credible, Ethereum is poised for a significant surge, possibly exceeding the $2,000 mark. He does, however, advise caution because a subsequent correction is likely. The strategist emphasizes that his outlook on ETH is consistent with his overall outlook on the altcoin markets.
Credible emphasizes ETH’s recent relief, falling just short of his anticipated upside target. He also mentions that many altcoins are currently experiencing critical support levels. As a result, he anticipates that Ethereum’s chart will be a reliable indicator for the overall altcoin market in the coming days. According to Credible, altcoins may experience temporary relief before resuming their downward trend as Bitcoin (BTC) gradually drains liquidity, paving the way for its own ascent to new all-time highs this year.
While Ethereum is currently trading at $1,809, Credible’s chart analysis suggests it will rise above $2,000 before retracing to around $1,500. The analyst’s forecasts elicit excitement and trepidation among ETH investors, eagerly awaiting the market’s reaction.
Credible maintains his contrarian view on Bitcoin, predicting that the crypto king will likely reach new all-time highs in 2023. He points to a $20,000 gap, which some observers see as a potential justification for a more significant pullback. On the other hand, Credible claims that if his thesis of new all-time highs is correct, the $20,000 gap will remain unfilled. He is confident that the price of Bitcoin will exceed $70,000 before reaching $20,000.
As Credible’s predictions gain traction, the crypto community closely monitors Ethereum’s performance and the broader altcoin markets. The market is waiting for events to confirm or refute these forecasts.