Closely followed crypto analyst Justin Bennett Ethereum (ETH) Continuing its downtrend, he also revealed his views on what price action Ethereum might exhibit this month.
Speaking at a new strategy session Justin Bennett, stated that it is important for ETH to stay above $ 3000 as of the day he shared his analysis (January 7, 2022) (Ethereum was trading 4% below this level at the time the analysis was published).
According to the famous analyst, Ethereum may have a chance to continue its macro bullish trend, but it needs to retake an important level first.
“ETHAs long as it’s under $4000, I suggest a little caution. If we can push Ethereum back above $40000 on a weekly and monthly close basis in the coming weeks and months, then yes, I will continue to think that the bullish trend we saw in 2021 will continue.”
The analyst also studied Ethereum in the Bitcoin pair (ETH/BTC). Bennett thinks ETH/BTC may be breaking out of a bullish triangle by playing a smaller version of what it did between 2017 and 2020.
Bennett stated that if ETH/BTC manages to hold 0.075 BTC ($3,077) as clean support, it may be ready to start a long-term rally to 0.18 BTC ($7,388).
“In the long run, this market (market) is here. [0.18 BTC] I would expect it to trend higher in this area. Of course, in the short term, they all fall to 0.075. Therefore, we would like this price to stay above it to see Ethereum continue to outperform Bitcoin in the short term.
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.