Ethereum could confirm the old season, according to a closely followed crypto analyst

A popular crypto analyst and trader says Ethereum (ETH) could signal the start of a new old season, but the second largest crypto asset by market cap has to set a new milestone first.

In a new strategy session, the pseudonymous trader Credible tells its 35,100 YouTube subscribers that a new old season could be launched as soon as Ethereum removes a massive area of ​​resistance to Bitcoin (ETH / BTC).

“So we’re looking for a month-end above 0.077 BTC ($ 5,205) on the Ethereum / Bitcoin chart to be confident that we’ve broken through. As soon as we do that, Ethrereum will absolutely take off and Altcoins will follow right behind.

So we are at a very important point where if Bitcoin decides to relax and move a bit, it can keep pumping up, sending Ethereum / BTC above that resistance area and confirming a breakout and essentially confirming the old season .

Looking at ETH / BTC’s monthly chart, Credible points out that the pair has hit higher lows every time it is rejected at the critical resistance zone.

“Every month-end closing that we have directly against this resistance cannot break through, but it is only a matter of time before it breaks through.”

Credible also says he is bullish on Ethereum versus the US dollar (ETH / USD), which he believes is a positive sign for altcoins.

“Ethereum is generally known for leading the Alto market. So if Ethereum is making very massive upward moves, it is generally expected that alts will follow suit. And you can see here that Ethereum has now stepped into pricing, which is always very optimistic for every coin we look at.

Ethereum is stepping into pricing and it looks like it will continue to hit new all-time highs. Yes, of course we can withdraw. There are no guarantees that we will go straight up, but it looks very likely that we will. “

Ethereum is currently trading at $ 4,811.

With Bitcoin (BTC) in mind, Credible outlines two potential scenarios for the king crypto. According to the crypto trader, Bitcoin could either hit a new all-time high of over $ 70.00 before a corrective move, or it could just continue to move higher without a significant pullback.

Source: Credible / YouTube

I

Check price promotion

Don’t Miss A Beat – Subscribe to crypto email notifications straight to your inbox

Follow us on Twitter, Facebook and Telegram

Surf the daily Hodl mix

Check the latest headlines

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and trades are made at your own risk and that you are responsible for any losses. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock / yucelyilmaz / artskill2k17

Comments are closed.