Prominent crypto figure Altcoin Sherpa has raised alarms regarding potential significant downturns for Ethereum (ETH) in relation to Bitcoin (BTC). Addressing his 233,100 followers on the social media platform X, Sherpa projected that the ETH/BTC trading pair could suffer a decline exceeding 35% from its present status.
What Levels Should Ethereum Investors Watch?
Sherpa suggested that Ethereum could stabilize around 0.024 BTC, yet he cautioned that a sharp rise in Bitcoin past the $100,000 mark could trigger further substantial drops in the ETH/BTC ratio.
“ETH: I’m uncertain if 0.024 BTC is the lowest point, but another major fall could occur if Bitcoin jumps above $100,000. It would be disastrous.”
Could Dogecoin Fall Below Key Support Levels?
Additionally, Sherpa expressed concerns for Dogecoin (DOGE), predicting it might plummet below $0.32, though he maintained a generally positive outlook for the coin, contingent on Bitcoin’s performance.
“DOGE: Following its peak, a drop below current lows seems likely. I remain optimistic, especially if Bitcoin rises.”
Regarding Bonk (BONK), a memecoin linked with Solana, Sherpa conveyed cautious optimism but indicated a potential drop below $0.00003894 in the short term. He mentioned that lower levels could present buying opportunities.
Key points from Sherpa’s analysis include:
- Ethereum may face a significant decline against Bitcoin.
- Dogecoin could drop below $0.32, but optimism remains if Bitcoin increases.
- Bonk might temporarily fall below $0.00003894, presenting possible buying opportunities.
Sherpa’s insights emphasize the importance of vigilant market observation, particularly Ethereum’s performance against Bitcoin, to navigate the anticipated volatility in the cryptocurrency landscape.