title: Pseudonymous Crypto Analyst Credible Crypto Warns Ethereum (ETH) Could Plummet by 26%

Credible Crypto tells his 402,300 followers on the social media platform X that the top altcoin has likely not yet found a market bottom.

Pseudonymous crypto strategist Credible Crypto has a large following on social media and is closely followed by investors for his analysis on crypto markets.

Pseudonymous crypto strategist Credible Crypto has a large following on social media and is closely followed by investors for his analysis on crypto markets.

Credible Crypto believes that major crypto asset Ethereum (ETH) could drop further and is not yet out of the woods despite Thursday’s price collapse. He says that the top altcoin could drop by 26%.

Credible Crypto believes that major crypto asset Ethereum (ETH) could drop further and is not yet out of the woods despite Thursday’s price collapse. He says that the top altcoin could drop by 26%.

The crypto strategist points out that derivatives open interest (OI) for ETH has not yet fully flushed out, indicating that the asset may have more room to fall. He adds that the market has been focusing on the price flushes, but the key metric to watch is open interest flushes.

The crypto strategist points out that derivatives open interest (OI) for ETH has not yet fully flushed out, indicating that the asset may have more room to fall. He adds that the market has been focusing on the price flushes, but the key metric to watch is open interest flushes.

Credible Crypto says that open interest is the total number of outstanding derivatives contracts for a given asset. He explains that when the price flushes, but the open interest doesn’t follow suit, it indicates that traders are still piling into the asset and keeping it propped up.

Credible Crypto says that open interest is the total number of outstanding derivatives contracts for a given asset. He explains that when the price flushes, but the open interest doesn’t follow suit, it indicates that traders are still piling into the asset and keeping it propped up.

“When we look at OI in coin terms (below) we can see that the big flush on positioning hasn’t actually happened yet. OI has just dropped in money terms because price has dropped.

“When we look at OI in coin terms (below) we can see that the big flush on positioning hasn’t actually happened yet. OI has just dropped in money terms because price has dropped.

The real flush in positioning likely happens a bit lower. My bet would be a bottom somewhere between $2,200-$2,700. Watch for that flush on OI (in coin terms) as we push into this zone.”

The real flush in positioning likely happens a bit lower. My bet would be a bottom somewhere between $2,200-$2,700. Watch for that flush on OI (in coin terms) as we push into this zone.”

Credible Crypto’s analysis shows ETH at $3,002 at the time of writing, down 4.24% in the last 24 hours.

Credible Crypto’s analysis shows ETH at $3,002 at the time of writing, down 4.24% in the last 24 hours.

The strategist also highlights that memecoin Pepe (PEPE) is likely to continue its downward trend. He says that PEPE has completed its deviation at the range highs and found acceptance back inside the range, targeting the range lows and lower.

The strategist also highlights that memecoin Pepe (PEPE) is likely to continue its downward trend. He says that PEPE has completed its deviation at the range highs and found acceptance back inside the range, targeting the range lows and lower.

Credible Crypto adds that some alts have more open air below and have minimum downside targets of 30%-40% lower (range lows on PEPE) with potential for 60%-70% lower before their larger corrections are over (breakdown from range lows for PEPE). He adds that for other alts that have already been battered, 30%-40% may be the max drawdown (even less in some cases).

Credible Crypto adds that some alts have more open air below and have minimum downside targets of 30%-40% lower (range lows on PEPE) with potential for 60%-70% lower before their larger corrections are over (breakdown from range lows for PEPE). He adds that for other alts that have already been battered, 30%-40% may be the max drawdown (even less in some cases).

“Alts like PEPE that have a lot of open air below have minimum downside targets of 30%-40% lower (range lows on PEPE) with potential for 60%-70% lower before their larger corrections are over (breakdown from range lows for PEPE). For other alts that have already been battered to a pulp, 30%-40% may be max drawdown (even less in some cases).”

“Alts like PEPE that have a lot of open air below have minimum downside targets of 30%-40% lower (range lows on PEPE) with potential for 60%-70% lower before their larger corrections are over (breakdown from range lows for PEPE). For other alts that have already been battered to a pulp, 30%-40% may be max drawdown (even less in some cases).”

Based on the chart, Pepe could dip below $0.00000400.

Based on the chart, Pepe could dip below $0.00000400.

Pepe is trading at $0.000008656, down 7.54% in the last 24 hours.

Pepe is trading at $0.000008656, down 7.54% in the last 24 hours.

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