Credible analyst names a key condition for Ethereum growth

Credible, a popular crypto trader, believes that Ethereum ETH $3,266.83 Bridged Ether (StarkGate) 1.67% Market capitalization $0.3 billion VOL. 24 hours $1.07 billion is at a crucial stage, testing the support level of about $ 3,000. The analyst notes that if ETH loses this level, the price could fall below $ 2,800. At the same time, if it recovers, the altcoin has the potential to grow above $ 4,000. At the time of writing, ETH is trading at $ 3,189.

As for Bitcoin BTC $105,758.28 Bitcoin -0.81% Market capitalization $2.1 trillion VOL. 24 hours $1.82 billion , Credible notes that the current correction is a positive factor for further growth. In his opinion, the market is preparing for a «short squeeze «- a situation where a sharp rise in price forces traders who were playing for a decline to close their positions, which further pushes the value of BTC up. He notes that BTC is now moving to the lower end of the range it has been in for the past week, and this is not a reason to panic.

Despite the possible short-term growth, Credible predicts another wave of decline for Bitcoin before a large-scale «parabolic» rally to $ 150,000. He believes that such a correction is necessary to accumulate liquidity before a significant increase. Currently, BTC is trading at $ 102,080.