Cryptocadem founder and market analyst Justin Bennett says leading altcoin project Ethereum is in “monster mode” and could make an “epic rally”. Let’s take a quick look at Bennett’s latest analysis…
Justin Bennett details rally prospects
Popular Twitter analyst Justin Bennett says that Ethereum is now in “full beast mode” after exiting a bullish continuation pattern against Bitcoin (ETH/BTC):
Currently, Ethereum is climbing above 0.082 BTC ($4,138.70). The target is 0.10-0.11 BTC ($5,047.20 – $5,551.92) so there is still room to move higher in the next few weeks. The target for the January breakout is 0.16 BTC ($8,075.52).
Analyst says leading altcoin project remains strong despite recent drop
ETH/BTC is currently trading at 0.085 BTC, indicating a 90% bullish potential if the pair hits Bennett’s second target. As for Ethereum against the dollar, the crypto strategist says the second-largest cryptocurrency by market cap still looks strong even after a deep correction last weekend:
While many on Twitter pretend the sky is falling, I find it ironic that the second largest coin by market cap has dropped 14% from its ATH level.
Bitcoin technical analysis
Looking at Bitcoin next, Bennett says BTC needs to turn a key price area into support to regain its bullish momentum:
BTC broke above $50,000. It would need to claim $53,000 to rise again.
cryptocoin.com Bennett, whose analysis we share with you, also offers a possible scenario where Bitcoin could consolidate between $52,000 and $43,000 in the coming weeks:
Note that the available range is not exactly small. There could be many of these for the next few weeks.
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