Popular crypto analyst Justin Bennett isn’t sold on the recent Ethereum (ETH) rally yet because he thinks crypto is still in a bear market.
In a new YouTube video, Bennett tells his 11,200 subscribers that he expects new lows later this year for ETH because its chart is flashing a bearish signal.
“So the Ethereum chart right now, as you can see, it is still carving higher highs and lower lows ever since the July low back here. So we’ve had higher highs and higher lows from this market, so the relief rally right now is technically still intact…
However, those two diagonals don’t look all that healthy, because this right here is a rising wedge, and typically when you get a rising wedge within a larger downtrend like we’ve had recently, because, let’s face it, the crypto market is still in a bear market, then this right here leads to exhaustion from buyers and typically a rotation lower.”
Bennett says it is key in the coming days for Ethereum to maintain the support level of $1,810. Any daily close below $1,830 would look bearish, according to the analyst.
ETH is trading at $1,883 at time of writing. The second-ranked crypto asset by market cap is down more than 1% in the past 24 hours.
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