Top Crypto Analyst Recognizes “Moment of Truth” for Ethereum (ETH) and Highlights Bitcoin’s (BTC) Next Big Move
A widely-regarded crypto analyst says Ethereum (ETH) is facing the “moment of truth” as he explores the possibilities for Bitcoin (BTC)’s next big move.
Crypto trader Justin Bennett tells his 112,500 Twitter followers that the ETH price to watch is $1,835.
“The moment of truth for ETH is here at $1,835.
Sustained break to the upside and we could see $1,890 next week.
Resistance for now.”
Source: Justin Bennett/Twitter
ETH is worth $1,831 at the time of writing, just below Bennett’s highlighted level.
Now turning to the crypto-bitcoin king, Bennett says today’s close will be important for the largest cryptocurrency by market cap.
“BTC bulls are attempting to retake the $26,500-$26,700 range today.
The end of the day will be crucial!”
Source: Justin Bennett/Twitter
Bennett digs deeper into why today’s close is so important in his Daily Price Action newsletter.
“Bitcoin closed below $26,500 on Wednesday for the first time since mid-March.
The level had served as key support for months prior to Wednesday’s collapse.
However, the jury is out on whether this breakdown is accurate.
Bitcoin is testing $26,500 as new resistance today and the bulls are doing their utmost to end the session back above that level.”
Bennett anticipates that if BTC manages to reclaim the $26,500-$26,700 levels, it will return to support. Otherwise, according to the analyst, BTC is heading for $25,000.
“Where bitcoin goes from there (if tested) depends on how the market reacts to channel support and the $25,200 horizontal level.
Still, a rebound this week cannot be ruled out, especially given the markets’ indecisiveness this month.
A daily close above $26,500 and $26,700 would confirm the fake and expose $27,600 and likely the liquidation cluster at $27,800.”
Source: Justin Bennett/Daily Price Action
At the time of writing, BTC is worth $26,744, up 2% over the past 24 hours.
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