Crypto enthusiasts are eagerly watching Ethereum (ETH) and Bitcoin (BTC) as a top analyst, Justin Bennett, shares valuable insights on their current status.
Ethereum at $1,890 next week?
According to Bennett in his recent tweet, Ethereum is at a critical point of around $1,835. This level controls ETH’s next move. Will it rise above $1,890 next week? Will they resist? Ethereum is currently valued at $1,831, below Bennett’s important threshold. However, breaking above $1,835 might push Ethereum to $1,890 in the coming week, while resistance could spell a struggle.
Ethereum’s price is currently at $1,831, close to this critical level.
Bitcoin Price Analysis
In relation to this, Bennett highlights the importance of Bitcoin’s performance in today’s close in his recent Daily Price Action newsletter. It’s all getting heated as Bulls are striving to reclaim the $26,500-$26,700 range and the daily close will provide crucial insights into the market’s direction. The crypto community eagerly awaits the outcome.
GM fam. $BTC bulls are trying to reclaim that $26,500-$26,700 area today.
— Justin Bennett (@JustinBennettFX) May 26, 2023
Notably, Bitcoin’s recent close below $26,500 which happened first time since mid-march, a support level held for months, has raised concerns. Currently, BTC is testing this level as resistance, with bulls aiming for a close above it. If successful, the $26,500-$26,700 range may regain its status as support. However, if BTC fails to reclaim this range, a potential decline towards $25,000 is projected by the analyst.
The trajectory of Bitcoin, if it tests the support level, depends on how the market responds to the channel support and the $25,200 horizontal level. Bennett advises against ruling out a reclaim this week, considering the market’s indecisiveness in recent times. A daily close above $26,500 and $26,700 would confirm a false breakdown and pave the way for $27,600, with a potential liquidation cluster at $27,800.