Analyst Warns: Ethereum Could Face Major Decline Against Bitcoin

Popular crypto analyst Altcoin Sherpa has issued a cautionary forecast, predicting a potential 35% drop in the ETH/BTC pair. Sharing insights with his 233,100 followers on X, Sherpa suggested that Ethereum could hit lows near 0.024 BTC, especially if Bitcoin surges past $100,000.

Ethereum’s Potential Decline Against Bitcoin

Sherpa highlights the risk of Ethereum experiencing further corrections against Bitcoin. “If Bitcoin breaks strongly above $100,000, we could see another major drop in ETH/BTC, possibly down to 0.024 BTC,” he said, emphasizing the possibility of “total destruction” in the pair.

Ethereum is currently trading at 0.03768 BTC ($3,624), showing a 3.92% increase in the past 24 hours. However, Sherpa’s warning suggests traders should brace for potential volatility in the pair’s performance.

Dogecoin and Bonk: Mixed Sentiments

Sherpa also weighed in on Dogecoin (DOGE) and Solana-based Bonk (BONK):

• Dogecoin: Sherpa expressed optimism about DOGE’s long-term outlook but cautioned about short-term dips. He noted that DOGE could fall to $0.32 after recently deviating below the lower bounds of its trading range. Despite this, he remains confident in its growth, especially if Bitcoin continues its upward trajectory. DOGE is currently trading at $0.40, reflecting a 4.9% increase over the last day.
• Bonk: The analyst maintained a positive view on BONK while acknowledging its short-term cooling phase. Sherpa believes the coin could dip below $0.00003894 but sees this as a healthy correction. “Lower levels, especially near the 0.50 Fibonacci retracement, could present good buying opportunities,” he stated. BONK is currently trading at $0.00004361, up by 2% in the last 24 hours.

Market Insights and Strategy

Altcoin Sherpa’s analysis underscores the need for close monitoring of Ethereum’s performance against Bitcoin. While Dogecoin and Bonk remain promising, short-term volatility is likely to persist. For traders and investors, Sherpa’s insights offer valuable guidance in navigating these turbulent market conditions.

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Ethereum, ETH/BTC, Bitcoin, Dogecoin