A cryptocurrency analyst has pointed out a notable divergence in the bitcoin (btc) and ethereum (eth) performanceThe analyst has noticed signs of weakness in ethereum compared to bitcoin, predicting that btc is likely to experience a faster recovery that eth.
Technical analysis highlights strong recovery of btc
In an x (formerly twitter) x.com/crediblecrypto/status/1820388142832361966?s=46″ rel=”nofollow” target=”_blank”>mail On August 5, a cryptocurrency analyst identified as ‘CrediBULL crypto’ provided insight into the future outlook for bitcoin and ethereum. The analyst emphasized the relative weakness of eth and noted that bitcoin had a greater potential for recovery. bitcoin–btc-price-could-drop-another-20/” rel=”nofollow noopener” target=”_blank”>recent downtrends.
According to CrediBULL crypto, bitcoin has been performing significantly better than ethereumHe based his analysis on the High Time Frame (HTF), highlighting that bitcoin has successfully maintained a price above the HTF, while ethereum has fallen below these key levels.
Sharing a price chart of bitcoin and ethereum price movements, the analyst believes that bitcoin is primed for bitcoin/bitcoin-crash-analyst-fomo/” rel=”nofollow noopener” target=”_blank”>close above the local lowsuggesting a potential for a subsequent strong price recovery. On the other hand, CrediBULL crypto has revealed that ethereum is likely to close below these levels, indicating a possible weakness in the eth/ethereum-targets-recovery-3350/” rel=”nofollow noopener” target=”_blank”>Cryptocurrency performance.
In short, CrediBULL crypto has stated that bitcoin btc/bitcoin-price-bounce-back-55k/” rel=”nofollow noopener” target=”_blank”>potentially recover from its price drop faster than ethereum. He revealed that the recent drop was likely due to bitcoin-news/crypto-liquidations-1-billion-bitcoin-crashes-52000/” rel=”nofollow noopener” target=”_blank”>liquidation is executed and a demand hunt for HTF. However, this possibility will be confirmed once btc closes above the previous low again.
Moving on, CrediBULL crypto has revealed that eth/ethereum-price-crashes-2000/” rel=”nofollow noopener” target=”_blank”>ethereum price drop is all the more significant given that the cryptocurrency “broke through” its HTF demand and reached the lows below it. This indicates a breakdown in ethereum’s market structure, underscoring ethereum’s potential for eth/ethereum-price-battles-3350/” rel=”nofollow noopener” target=”_blank”>face strong resistance around the $3,000 to $3,500 range.
The analyst has described this key range as the “Red Zone,” highlighting that ethereum could witness a long period of consolidation as it encounters significant resistance on any upward move.
Future price projections for bitcoin and ethereum
In his post, CrediBULL crypto made a bold bet, predicting that bitcoin will quickly recover from bitcoin-news/bitcoin-drops-hard-time-to-fade-the-trend-and-buy-btc/” rel=”nofollow noopener” target=”_blank”>market crashes to start the next bullish impulse. The analyst has also projected that ethereum/ethereum-price-under-pressure-heres-why-3000-is-a-critical-level/” rel=”nofollow noopener” target=”_blank”>ethereum's bullish momentum may be capped at around $3,000 to $3,500, resulting in a consolidation period of several weeks or several months.
According to CrediBULL crypto, as eth/ethereum-price-struggle-3650/” rel=”nofollow noopener” target=”_blank”>ethereum struggles with resistancebitcoin is likely to hit new highs, possibly reaching $100,000. He revealed that this massive price surge will potentially increase bitcoin's dominance in the marketfurther surpassing ethereum in the future.
To shed light on CrediBULL crypto price predictions, a member of the crypto community has… x.com/jwolf4523/status/1820412724456878091?s=46″ rel=”nofollow” target=”_blank”>shared concerns on ethereum’s significantly lower price increase. They revealed that a $3,000 increase was in contrast to their expectations of a higher price level of $7,000 to $10,000 for ethereum.
Responding to the member, the cryptocurrency analyst x.com/crediblecrypto/status/1820412896033022014?s=46″ rel=”nofollow” target=”_blank”>cleared up that his predictions were based on the eth/btc ratio falling to 0.03. He projected that after the eth/btc ratio fell to this level, ethereum would potentially start an uptrend to reach higher price levels.
Featured image from Yahoo Finance, chart from Tradingview.com
