Credible Crypto, a popular cryptocurrency analyst and trader, has stated that Ethereum (ETH), the second-largest cryptocurrency by market capitalization, could signal the commencement of a new altseason, but has to set a new milestone first.
In a new strategic session first reported by Daily Hodl, the pseudonymous trader told his teeming YouTube subscribers that a new altseason could start once the largest smart contracts platform takes out a massive resistance area against Bitcoin (BTC).
Credible Crypto noted:
“So we’re looking for a monthly close above 0.077 BTC ($5,205) on the Ethereum/Bitcoin chart to be confident that we’ve broken through. Once we do that, Ethrereum will absolutely take off, and altcoins will follow right behind.
“So we’re at a very key point where if Bitcoin decides to relax for a little bit and range, Ethereum can continue to pump to the upside, sending Ethereum/BTC above this area of resistance and confirming a breakout and confirming altseason essentially.
“Every monthly close that we’ve got right up against this resistance, unable to breakthrough, but it’s only a matter of time before it breaks.”
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The popular trader also pointed out that he’s also bullish on Ethereum against the USD, which he thinks is a positive sign for altcoins:
“Ethereum, generally, is known to lead the alt market, so when Ethereum is making very massive moves to the upside, generally it’s expected that alts will follow suit. And you can see here that Ethereum has now entered price discovery, which is always very bullish for any coin that we’re looking at.
Ethereum is entering price discovery and looks like it’s gonna continue pushing up to new all-time highs. Yes, we can obviously pull back. There’s no guarantee that we head straight up, but it looks quite likely that we will.”
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