A leading crypto trader warns Ethereum (ETH) holders that ETH may fall further before rising even stronger.
In a series of tweets, Justin Bennett explains to his 100,300 Twitter followers what to expect from leading cryptos by market cap Bitcoin (BTC) and ETH over the coming months.
“ETH bear now, bull later.”
As the trader’s chart depicts, Bennett predicts ETH will crash to the $2,500-$2,700 range before rocketing back to previous all-time highs and beyond.
Later, Bennett backed up his short-term bearish thesis.
“[Good morning] fam!
The bullish fairies didn’t save us overnight, so I’m still looking for more downside.
ETH seems intent on a $2,700 retest, maybe lower.”
Ethereum is trading for $2,947 at time of writing.
Looking forward at Bitcoin, the crypto analyst warns BTC may need a reset in the $37,000-$38,000 range before continuing growth.
“BTC may not make it to $44,500 before a reset, but my plan remains the same.
As mentioned yesterday, look to $38,800 support if this rally fails, and don’t dismiss a wick to $37k-$38k just in case.”
Bennett then posits that Bitcoin’s future may ultimately depend on the movements of one non-digital asset: the Nasdaq 100 Index (NDX).
“Bitcoin aside, the next move for crypto boils down to the Nasdaq’s ability to hold above 13,000. Give that up, and the similarity strengthens.”
NDX is trading for $13,507 at time of writing, just above the price Bennett suggests it must hold for Bitcoin to move up.
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