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Crypto Analyst Issues Ethereum Alert, Says ETH Approaching the First ‘Trouble Area' – Here Are His Targets


Trouble Ahead for ETH/BTC Pair
Credible Crypto notes that ETH/BTC has been trading in a range for the past few weeks, and it is now approaching a key resistance level at 0.04 BTC. The analyst believes that the pair will likely face a rejection at this level, which could lead to a pullback towards the support level at 0.0315 BTC. This potential rejection could also coincide with a breakout for Bitcoin, which could further weigh on the price of Ethereum.
Bitcoin Dominance Could Rise
Credible Crypto also points out that Bitcoin dominance, which measures Bitcoin's market capitalization as a percentage of the entire crypto market, has been on the rise. This means that investors are currently showing more interest in Bitcoin compared to other cryptocurrencies, including Ethereum. If this trend continues, it could put further downward pressure on ETH/BTC and push the pair towards the support level.
Market Sentiment is Turning Bearish
The crypto analyst also mentions that market sentiment is starting to turn bearish, which could also affect the price of Ethereum. He notes that many traders are getting greedy and complacent, which is often a sign of an upcoming market correction. In addition, the recent rejection of the $2,000 level for Ethereum could further dampen sentiment and push traders towards selling their positions.
Hashtags and Crypto Tickers to Watch
As Ethereum faces potential trouble ahead, keep an eye on the hashtags #ETH, #BTC, and #crypto on social media platforms for the latest updates and discussions on the price movements. Also, pay attention to the crypto tickers ETH/USD and ETH/BTC on trading platforms to stay informed on the market trends and potential entry/exit points for your trades. Always do your own research and consult with a financial advisor before making any investment decisions.


Sentiment Result: Negative

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