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.
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