Ethereum, after 2 weeks of steady sales, has conditions for a rebound and further price growth. A popular analyst with the nickname Credible told his Twitter followers about this.
According to him, there are several bullish signals on the chart of the second cryptocurrency that cannot be ignored. The cost of ETH, as predicted earlier by Credible, dropped to $ 3-3.3 thousand, and now there is a high probability of the current price rising higher than before the fall. The current target for bull traders is to retest the $ 3.5K figure.
The analyst is also optimistic about the currency pair with Bitcoin. As long as the asset is trading above the support at 0.07 BTC, and its value is more than $ 2.98 thousand, there are prospects for further growth.
For those who criticize his position on the ETH / BTC pair, the expert advises to reduce the scale of the chart, taking into account the short period of time. Earlier in a video on Youtube, he analyzed the situation on the cryptocurrency market in detail, noting a serious breakthrough for Ethereum paired with Bitcoin and an increase in its price to 0.072 BTC.
Currently, the cryptocurrency is still above this level. Therefore, both ETH and other altcoins should soon rebound from current price levels and begin to rise in price. According to him, it makes sense to accumulate digital assets until their value becomes higher.
The analyst also monitors the extremely high open interest (OI) in BTC. This indicator shows the total number of long and short positions opened by market participants. As soon as the number of transactions with excess leverage begins to grow, this will entail a strong rally in Bitcoin.
Credible predicts a repeat of the situation that happened in August 2021, when the Bitcoin cryptocurrency overcame a protracted price drop to $ 30 thousand, and then rose to a maximum of $ 51.9 thousand, after which a dynamic growth in the value of BTC was observed for a couple of months in a row.
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