9 C
Amsterdam
29 March 2024
PumpMoonshot
Image default
Bitcoin

Cardano and Ethereum’s Trajectory Depends on Bitcoin Hitting This Target, According to Crypto Analyst Justin Bennett

Crypto analyst Justin Bennett is saying the direction of Cardano (ADA) and Ethereum’s (ETH) price will likely depend on whether Bitcoin (BTC) exhibits bullish or bearish behavior.

In a new issue of the Cryptocademy newsletter, Bennett says that Ethereum’s support at the $4,200 level is currently holding well.

The second-largest crypto asset could appreciate further depending on Bitcoin’s next moves, according to Bennett.

Advertisement

“[Bouncing off the $4,200 level] could open the door to higher levels like $4,600. Just keep in mind that it depends on what BTC does if it reaches the $53,000 resistance area.”

Image
Source: Justin Bennett/Cryptocademy

Ethereum is trading at $4,315 at the time of writing.

The crypto trader points to the smart contract platform Cardano currently enjoying strong support at the $1.35 level. According to Bennett, if Cardano rises above $1.50 it would indicate more upside potential while falling under $1.35 would be bearish.

“Cardano has reached an interesting place on the chart. There’s a confluence of support near $1.35 that’s currently holding on a daily closing basis.

Advertisement

We’ll see if that continues. As we all know, it’ll likely depend on whether or not Bitcoin can get back above $53,000.

A close above $1.50 would signal strength and expose $1.70 while a close below the $1.35 area would suggest further downside.”

Image
Source: Justin Bennett/Cryptocademy

Cardano is trading at $1.37 at the time of writing.

Bennett says that after falling by over 20% in a span of hours about a week ago, Bitcoin has made an “impressive recovery.” The crypto trader says that unless Bitcoin rises above $53,000, the recovery recorded so far is “just a relief rally.”

Advertisement

Image
Source: Justin Bennett/Cryptocademy

News Source

Related posts

What Caused Ethereum, Bitcoin Cash to Plunge 15% in Less Than 4 Hours?

PumpMoonshot

No More Bitcoin (BTC) Selling As On-Chain SOPR Resets to 1

PumpMoonshot

Bitcoin At $1,000: Looking Back At Nine Years Of Bull Run

PumpMoonshot
Verified by MonsterInsights