Trader Credible Crypto tells his 353,200 followers on the social media platform X that the Ethereum versus Bitcoin pair (ETH/BTC) is still in a macro downtrend.
According to the analyst, the ETH/BTC rally spurred by news that investment giant BlackRock filed for a spot market Ethereum exchange-traded fund (ETF) quickly faded, indicating the pair’s weakness.
“ETH/BTC has almost fully retraced the ‘ETF pump’ from last week. Even that narrative was a bit flawed in my opinion because yeah an ETH ETF may be coming but a BTC one is coming first.
So why would ETH outperform now?
Been calling for this move down for literally months, and we are over 50% lower since then with more downside coming.
I will be the biggest ETH bull when the time is right but that time isn’t now. Embrace the BTC run that is coming and when the time is right, we can embrace the ETH run that will follow.”
Source: Credible Crypto/X
Looking at the trader’s chart, he seems to predict that ETH/BTC will fall down to the green box which covers the range between 0.03 BTC and 0.036 BTC ($1,121 and $1,345).
At time of writing, ETH/BTC is trading for 0.054 BTC ($2,018).
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