A widely followed crypto analyst claims that Ethereum (ETH) is facing a “moment of fate” before Bitcoin (BTC) launches its next big moves. According to the analyst, ETH and BTC are approaching important turning points on their own paths and investors should follow this situation closely.
Crypto analyst Justin Bennett noted that for Ethereum, the $1,835 level is a critical resistance. states. If ETH manages to break through this level, it could continue the uptrend by starting a new rally. However, if it stays below this level, a pullback or corrective move can be observed. Therefore, if ETH breaks above or closes below the $1,835 level, it will be an important signal for investors in the cryptocurrency market.
“The fateful moment for ETH is here at $1,835. With a sustained break above this level, we could see $1,890 next week. Resistance for now.”
Koinfinans.com As we reported, ETH is trading at $1,831 at press time, just below the level highlighted by Bennett.
Moving to the leading crypto Bitcoin, Bennett claims that today’s close will be significant for the largest crypto by market cap. According to Bennett, Bitcoin’s closing price today could be decisive for its future movement. A positive close can create a strengthening and bullish prospect for Bitcoin, while a negative close can trigger a bearish bias. Therefore, close monitoring of today’s closing price is required for investors.
“BTC bulls are trying to reclaim this $26,500-26,700 area today. The daily closing will be very important!”
Detailing his analysis in the Daily Price Action newsletter, Bennett explained why today’s closing is so important:
“Bitcoin closed below $26,500 on Wednesday for the first time since mid-March. This level served as key support for months before breaking out on Wednesday. However, it remains unclear whether it will stay above this level.
Bitcoin is testing the new resistance level at $26,500 today and the bulls are doing everything possible to close the trading session above this level again.”
Besides, Bennett thinks that if BTC can retrace the $26,500-$26,700 levels, it will turn the resistance into support. Otherwise, BTC could move towards $25,000.
“Where Bitcoin goes from there (if tested) depends on how the market reacts to the channel support and the $25,200 horizontal level. That said, don’t rule out the possibility of a retracement this week, especially given how volatile the markets have been this month.
A daily close above $26,500 and $26,700 confirms the fake breakout and reveals the liquidation cluster at $27,600 and possibly $27,800.
You can check the price movements here.