A closely followed crypto strategist thinks Ethereum (ETH) is now in a solid position to print new all-time highs.
Trader Justin Bennett tells his 115,200 followers on the social media platform X that Ethereum bulls are in full control as long as ETH is trading above an immediate support level.
According to Bennett, Ethereum could get a quick sprint if ETH continues to flash strength in its Bitcoin pair (ETH/BTC)
“Bullish on ETH while above this $3,950 area with a $5,000 target.
Could happen quickly if ETH/BTC can flip that 4% area on the weekly chart.”
Looking at the ETH/BTC chart, the crypto strategist says Ethereum will likely gather more bullish momentum if the pair flips the 0.04 BTC resistance into support.
“ETH will get really interesting if ETH/BTC can reclaim this channel on the weekly chart.
Testing resistance now.”
At time of writing, ETH/BTC is trading for 0.04 BTC worth $3,997.
Turning to the top memecoin Dogecoin (DOGE), the trader believes that the altcoin is on the verge of a big breakout en route to a fresh all-time high.
“A new DOGE ATH (all-time high) seems like a formality at this point.
Nice consolidation on the daily chart.”
DOGE reached its current all-time high in May 2021 when it surged to $0.7316. Based on the trader’s chart, he appears to predict that DOGE will explode above $0.76.
In the near term, Bennett says that DOGE should shatter its resistance at $0.45 to get the rally started.
“If you’re trading, you want to see a clean break of this level on the intraday charts.
There’s at least +20% above this trend line toward the top of the channel. One to watch.”
At time of writing, Dogecoin is trading at $0.456.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
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. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
