November 28, 2024November 28, 2024

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

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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.”

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.”

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.”

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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