Trader Warns Ethereum Could See Another ‘Big Move Down’ Against Bitcoin, Updates Outlook on Dogecoin and Bonk

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Daily Hodl2024/11/27 16:00

By:by Daily Hodl Staff

Popular crypto analyst Altcoin Sherpa is warning that Ethereum ( ETH ) may have a steep correction in its Bitcoin pair (ETH/ BTC ).

The pseudonymous trader tells his 233,100 followers on the social media platform X that ETH/BTC could decline more than 35% from its current value.

“ETH: I don’t know if this bottoms until 0.024 BTC ish, could be another big move down if BTC legs up past $100,000 strongly. Utter destruction.”

Trader Warns Ethereum Could See Another ‘Big Move Down’ Against Bitcoin, Updates Outlook on Dogecoin and Bonk image 0

Source: Altcoin Sherpa/X

ETH/BTC is trading for 0.03768 BTC ($3,624) at time of writing, up 3.92% in the last 24 hours.

Next up, the analyst warns that the most popular memecoin by market cap Dogecoin ( DOGE ) may dip below the lower bound of a trading range to around $0.32.

“DOGE: deviation above the highs, now probably going to be a deviation below the lows. Still bullish on this one overall and even more so if BTC legs up.”

Trader Warns Ethereum Could See Another ‘Big Move Down’ Against Bitcoin, Updates Outlook on Dogecoin and Bonk image 1

Source: Altcoin Sherpa/X

DOGE is trading for $0.40 at time of writing, up 4.9% in the last 24 hours.

Lastly, he says that he remains bullish on Solana ( SOL )-based memecoin Bonk ( BONK ) but warns it may dip below $0.00003894 in the near term.

“BONK: I still hold a bag of this and some temporary cool down seems totally fine/healthy when zooming out. 0.50 fib and a bit lower are both reasonable spot to scale in (I’m in from higher and comfortable just dollar-cost averaging this one as an investment). Still holding for a while.”

Trader Warns Ethereum Could See Another ‘Big Move Down’ Against Bitcoin, Updates Outlook on Dogecoin and Bonk image 2

Source: Altcoin Sherpa/X

BONK is trading for $0.00004361 at time of writing, up 2% in the last 24 hours.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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