Crypto analyst Justin Bennett Cardano (ADA) and the direction the price of Ethereum (ETH) will move will likely depend on whether Bitcoin (BTC) exhibits bullish or bearish behavior.
Speaking in the new issue of the Cryptocademy newsletter, Bennett thinks that Ethereum’s support at the $4,200 level is currently in good shape.
According to Bennett, the second largest crypto asset Ethereum (ETH)Depending on Bitcoin’s next moves, it could gain even more value.
“A bounce from $4,200 could open the door to higher levels like $4,600. It could be quite significant for BTC to just reach the $53,000 resistance area.”
Bennett also shared his analysis, pointing to the smart contract platform Cardano, which currently has strong support at $ 1.35. According to Bennett, if Cardano rises above $1.50, this points to more upside potential, while a drop below $1.35 will create a downside move.
“Cardano hit an interesting place on the chart. There is a support confluence around $1.35 currently held on a daily close basis. We’ll see if that continues. This trend, as we all know, is probably Bitcoin (BTC) It will depend on whether it can get above $53,000. A close above $1.50 will signal strength and reveal $1.70, while a close below $1.35 will signal more bearishness.”
Bennett says Bitcoin is making an “impressive recovery” after falling more than 20% in a few hours about a week ago. The crypto trader considers the recovery recorded so far to be “just a relief rally” unless Bitcoin rises above $53,000.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.