A closely followed strategist thinks Ethereum (ETH) is gearing up for an impressive rally that will outshine the rest of the crypto markets.
Justin Bennett tells his 90,400 Twitter followers that ETH’s setup on the Bitcoin (BTC) trading chart could see the number-two crypto jump toward the 0.105 and 0.160 BTC levels, equal to about $6,000 and $9,100 at time of writing.
“ETH/BTC looks ready.
I’m thinking ETH outpaces pretty much everything over the next few weeks.”
When considering broader crypto trends, the analyst suggests that in addition to BTC, ETH could also offer investors clues about where the markets are headed.
“Everyone is looking to BTC for clues about this cycle. But what if ETH becomes the leading indicator?
At a half a trillion dollar market cap and 19% market dominance, Ethereum is no slouch. Time to pay equal attention to both, [in my opinion].”
Bennett next dives into Ethereum’s price levels. He cites $4,000 as critical support and sees a breach of $4,600 as a chance to break out much higher.
“ETH potential higher low above $4,000. Looks bullish to me.
$4,400 is resistance. Above $4,600 and we moon.”
At time of writing, ETH is valued at $4,245, down 2.45% on the day.
Moving on to the top crypto, Justin Bennett says that Bitcoin must hold $55,000 and break past $60,000 if it hopes for a relief rally after recently tumbling from a new all-time high above $68,500.
“BTC looks pretty good here for a relief rally back to the $63,000 region.
Needs to hold the line at $55,000 and get through $60,000.”
In a follow-up tweet, Bennett remains optimistic as long as BTC can fight past a red candle on the chart.
“BTC, so far, so good.
Break this 4-hour trend line and we’re in business.”
Bitcoin is changing hands for $57,097 at time of writing.