Altcoin analyst CredibleCrypto, known for his accurate predictions, predicts that Ethereum (ETH) price will lose $1,100 before the big recovery.
Credible predicts ‘fix’ for leading altcoin before recovery
Bitcoin, Ethereum and the broader altcoin market have seen some recovery following the release of the latest US employment data. The December unemployment rate in the US fell to 3.5% from 3.7% in November. As a result, investors’ expectations for Bitcoin and Ethereum prices improved.
The US dollar index (DXY) dropped sharply after employment data, helping crypto prices rise. The largest cryptocurrencies Bitcoin and Ethereum reached $16,991 and $1,273 respectively. The prices of both cryptocurrencies have reached their highest level of the week. Crypto analyst Credible stated in a tweet on January 6 that the Ethereum price has reached a level he predicted and that the price will most likely continue to fall from here.
You can check out Credible’s accurate price predictions here. In his current analysis, which he shared the chart above, he says:
The RED zone has been labeled ($1,250-1,300). I’m expecting a refusal here in the coming days to get the even bearish sets we left behind.
What does Credible expect at Ethereum price?
The crypto analyst predicts that ETH price will face resistance around $1,270 and drop below the critical support level of $1,170. For a long time, ETH price remained above the critical support level, and breaking the level marks a major shift in the crypto market.
Credible believes that ETH price will drop below $1,080, not just $1,150. While $1,170 is the best long-term level to buy Ethereum, whales prefer to accumulate Ethereum, especially in the $1,100 region. However, the price may not stay below $1,170 for long and it could quickly recover after the analyst’s predicted decline. ETH price is currently trading slightly above the level pointed out by the analyst.
Meanwhile, according to another crypto analyst, Michael van de Poppe, Ethereum price could show a better upside move before correcting close to the FOMC meeting in early February. Ethereum is currently trading sideways at $1,265 with a low trading volume.
In short-term price movements, it has moved sideways in the last 24 hours. The lows and highs of the day were $1,240 and $1,273, respectively. Trading volume is stable as investors expect prices to drop. Also, a large sell order of 26,000 ETH was placed with a strike price of $400 and a deadline of June 30. cryptocoin.comAs you follow, some analysts think that this will have an impact on price movements in the short term.