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Popular trader still “cautiously bearish” on crypto, dives deep into sideways trading Ethereum (ETH).

A popular crypto analyst says he is still “cautiously bearish” on crypto markets as long as Bitcoin (BTC) stays below $29,000.

Looking to Ethereum (ETH), trader Justin Bennett says the leading smart contract platform could quickly and briefly rally to near $1,900.

“We also saw Ethereum test the September 2021 trendline at $1,680 on Monday, a level bulls need to hold.

So we have a well-defined ETH range between $1,715 and $1,840.

Given this range and the short liquidations that developed at $1,870, I wouldn’t be surprised to see a quick pump above range highs to flush shorts.”

Source: Justin Bennett/Daily Price Action

The trader also says that ETH’s immediate future depends on how it reacts to the $1,840 price level.

“Liquidation clusters like the one above often act as magnets, especially in different markets.

Whether or not this turns into a divergence depends on how ETH reacts to $1,840.

If we see a break and sustain above $1,840, $2,030 resistance could be next.

Of course, a break above $1,840 followed by a close below would confirm a bearish divergence and likely send ETH back to $1,700.”

Bennett also advises traders to watch ETH in the micro $1,785 to $1,790 range.

“ETH reclaimed the level as support on Wednesday, so any higher timeframe close below would create a minor divergence for a pullback to $1,715.”

Source: Justin Bennett/Daily Price Action

ETH is worth $1,788 at the time of writing, up 3% on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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