CrediBULL Crypto Predicts a Possible Downturn for Ethereum ETH/USD, While Bitcoin BTC/USD Demonstrates Strength

CrediBULL Crypto noted that Ethereum is halfway to its downside target, while Bitcoin is showing obvious strength against the altcoin.

Crypto trader and analyst CrediBULL Crypto predicts a possible downturn for Ethereum (CRYPTO: ETH) as BTC shows strength.

What Happened: CrediBULL Crypto observed that Ethereum is approaching its downside target, while Bitcoin (CRYPTO: BTC) is showing clear strength against the altcoin. This aligns with his earlier prediction that ETH would hit major high timeframe support as BTC would front-run it.

Now, the trader believes, "With the amount of weakness we are seeing on ETH right now it's certainly possible ETH sees new local lows (sub $2800) while BTC makes a higher low."

However, he noted that if BTC loses momentum and dips into the $53,000 range, it could trigger a deeper downturn in the altcoin market. He advises his followers to watch out for this possibility.

According to the trader, a move down into the weekly demand ($50,000-$53,000) for BTC would present a significant buying opportunity before the next leg up to higher than $100,000.

CrediBULL had earlier predicted that ETH could hit major high timeframe support as BTC would front-run it.

"This would line up with BTC making a higher low on the HTF (for those that like to trade BTC vs Alts) and ETH seeing new local lows (sub $2800) as BTC makes a higher low. Certainly possible with the weakness we are seeing on ETH now."

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Why It Matters: CrediBULL Crypto's analysis offers valuable insights into the potential future movements of the crypto market. His predictions are based on market trends and the relative strength of BTC against ETH.

His optimism for BTC, despite potential short-term dips, suggests confidence in the long-term strength and resilience of the leading cryptocurrency.

In his tweet last week, CrediBULL highlighted the ideal buy zone for Ethereum, which is $2,200 to $2,700, and it's situated just below a pair of equal lows and into HTF demand. He also mentioned that it would make sense for BTC to front-run that equivalent zone of its own, finding support at weekly demand above $50,000.

"This would line up with BTC making a higher low on the HTF (for those that like to trade BTC vs Alts) and ETH seeing new local lows (sub $2800) as BTC makes a higher low. Certainly possible with the weakness we are seeing on ETH now."

What's Next: The influence of Bitcoin as an institutional asset class is set to be deeply explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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