Despite recent signs of strength, a well-known crypto analyst is expressing a bearish view on Ethereum (ETH). In a strategy session, the pseudonymous trader, Credible Crypto, warned his 441,400 followers on the social media platform X that Ethereum is approaching a problematic area when compared to Bitcoin (BTC).

According to the analyst’s chart, it appears that he is suggesting that the ETH/BTC pair could drop by approximately 20% from its current level.

At the time of writing, Ethereum is trading at 0.0369300 BTC ($3,568).

When considering the ETH/USD pair, the analyst states that if Ethereum fails to surpass the resistance level around $4,000, the second-largest digital asset by market cap could experience a pullback of roughly 24% from its current level. This would bring the price back to levels last seen in early November.

The analyst explains, “A rejection here and lower high would give us a push into weekly demand, which, paired with an approximately 10% correction on BTC would give us our major $2,700-$2,800 buy zone.”

Shifting the focus to Bitcoin, the analyst predicts a significant price correction before the cryptocurrency can continue its upward movement. Despite believing that Bitcoin will eventually reach $100,000+, the analyst suggests that the recent dip below $94,000 has opened the possibility for a larger downside move.

At the time of writing, Bitcoin is trading at $96,809, showing a 7% increase from the one-week low of around $90,700.

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