• Crypto analyst Justin Bennett says Ethereum (ETH) is facing a “moment of truth” as he maps out potentialities for Bitcoin’s (BTC) next big move.
• Bennett suggests that ETH’s price to watch is $1,835 and BTC bulls are trying to reclaim the $26,500-$26,700 area today.
• He further explores why today’s close is so key- if BTC can reclaim the $26,500-$26,700 levels they will flip back to support or else it’s headed for $25,000 according to the analyst.
Analysis of Ethereum (ETH)
A widely followed crypto analyst Justin Bennett says Ethereum (ETH) is facing a “moment of truth” as he maps out potentialities for Bitcoin’s (BTC) next big move. He suggests that ETH’s price to watch is $1,835 and that a sustained break above this level could push it up to $1,890 next week.
Analysis of Bitcoin (BTC)
Bennett states that BTC bulls are trying to reclaim the $26,500-$26,700 area today- a daily close above these levels would confirm a fakeout and expose prices up to $27800. A failure to reclaim this area could mean it heads towards $25000 instead.
Implication on Price Movement
The implications of these movements on ETH and BTC prices need careful analysis in order to make accurate predictions about how far they could reach in either direction. It appears that if BTC can reclaim the stated levels then they will flip back into support but otherwise could head downwards towards 25000. For ETH there is an opportunity for growth if it breaks above 1835 but resistance at 1890 would need testing first.
Closing Summary
It remains unclear which way both cryptos will go from here but today’s close will be key in determining whether or not they can hold their current positions or continue down into new territory. The outcome of today’s closing time should be closely monitored by investors in order understand which direction both cryptos are heading in so informed decisions can be made about their future prospects and investments.
Disclaimer
Opinions expressed at The Daily Hodl are not investment advice- investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets