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
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