Anika Begay
A cryptocurrency analyst has highlighted a notable divergence in the performance of Bitcoin (BTC) and Ethereum (ETH)The analyst noted signs of weakness in Ethereum versus Bitcoin, predicting that BTC will likely experience a faster recovery compared to ETH.
Technical analysis highlights BTC’s strong recovery
In an X (ex Twitter) send On August 5, a cryptocurrency analyst identified as “CrediBULL Crypto” provided insights into the future outlook for Bitcoin and Ethereum. The analyst highlighted the relative weakness of ETH and noted that Bitcoin had a stronger potential to recover from recent downward trends.
According to CrediBULL Crypto, Bitcoin has been with significantly better performance than EthereumHe based his analysis on the High Time Frame (HTF), noting that Bitcoin managed to maintain a price above the HTF, while Ethereum fell below these key levels.
Sharing a price chart of Bitcoin and Ethereum price movements, the analyst believes that Bitcoin is poised to close above local swing lowsuggesting a potential for a subsequent strong price recovery. On the other hand, CrediBULL Crypto revealed that Ethereum is likely to close below these levels, indicating a possible weakness in the cryptocurrency performance.
In short, CrediBULL Crypto has declared that Bitcoin will be potentially recover from falling prices faster than Ethereum. He revealed that the recent decline was likely due to liquidation runs and a hunt for HTF demand. However, this possibility will be confirmed once BTC closes above the previous swing low again.
Moving forward, CrediBULL Crypto revealed that Ethereum Price Drop is much more significant as the cryptocurrency has “overshot” its HTF demand and taken lows below it. This indicates a breakdown in the market structure for Ethereum, underscoring Ethereum’s potential for face strong resistance around $3,000-3,500.
The analyst described this key range as the “red zone,” noting that Ethereum could see a long period of consolidation as it faces significant resistance on any upside move.
Future Price Projections for Bitcoin and Ethereum
In its post, CrediBULL Crypto made a bold bet, predicting that Bitcoin will quickly recover from market decline to start the next upward impulse. The analyst also predicted that Ethereum’s Upside Momentum could be capped at an amount between $3,000 and $3,500, resulting in a consolidation period of several weeks or months.
According to CrediBULL Crypto, as Ethereum Fights Against ResistanceBitcoin is likely to soar to new highs, possibly reaching $100,000. He revealed that this huge price surge will potentially increase Bitcoin’s dominance on the marketfurther surpassing Ethereum in the future.
Shedding light on CrediBULL Crypto price predictions, a member of the cryptocurrency community has shared concerns on the significantly lower price increase for Ethereum. 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.
Replying to the member, the cryptocurrency analyst clarified that his predictions were based on the ETH/BTC ratio dropping to 0.03. He predicted that after the ETH/BTC ratio drops to this level, Ethereum will potentially start an uptrend to reach higher price levels.
Featured image from Yahoo Finance, chart from Tradingview.com
