A widely followed crypto analyst thinks that Bitcoin (BTC) will determine the fate of the overall market. As long as BTC stays below $29,000, crypto markets are still in a “cautious downtrend,” according to the analyst. The analyst’s Ethereum prediction in particular drew attention. Here are the details.
Famous trader Justin Bennett has studied the leading altcoin Ethereum and predicts that ETH can rise to around $ 1,900 quickly and in a short period of time.
“We also saw Ethereum testing the September 2021 trendline at $1,680 on Monday, a level that the bulls should protect. Therefore, we have a well-defined ETH range between $1,715 and $1,840.
Given that range and the short liquidations that have developed at $1,870, it wouldn’t surprise me to see a rapid rise above the top of the range to clear shorts.”
On the other hand, the analyst also noted a critical level for Ethereum. According to the analyst, the future of ETH depends on how it reacts to the $1,840 price level in the short term.
“Liquidation clusters like the one above often act as magnets, especially in volatile markets. Whether this will be a divergence will depend on how ETH reacts to $1,840. If we see a breakout and hold above $1,840, the next resistance could be $2,030. Of course, a break above $1,840 followed by a close below this level confirms the bearish bias and will likely send ETH back to $1,700.”
Koinfinans.com As we reported, Bennett also advises traders to watch the $1,785-1,790 micro-range for ETH.
“ETH retraced the $1,790 level on Wednesday as support, so if it closes below this level on any higher timeframe, it will create a small divergence for a move back to $1,715.”
You can follow the current price action here.