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April 22, 2022

Crypto Analyst Warns He’s an Ethereum (ETH) ‘Bear Now, Bull Later,’ Examines a Stalling Bitcoin (BTC)

By Daily Hodl Staff

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.

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“ETH bear now, bull later.”

Source: JustinBennettFX/Twitter

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!  

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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.”

Source: JustinBennettFX/Twitter

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.

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As mentioned yesterday, look to $38,800 support if this rally fails, and don’t dismiss a wick to $37k-$38k just in case.”

Source: JustinBennettFX/Twitter

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.”

Source: JustinBennettFX/Twitter
Source: JustinBennettFX/Twitter

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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Featured Image: Shutterstock/bima aldisa