A widely followed crypto analyst says Ethereum (ETH) is facing a “moment of truth” as he maps out potentialities for Bitcoin’s (BTC) next big move.
Crypto trader Justin Bennett tells his 112,500 Twitter followers that ETH’s price to keep an eye on is $1,835.
“Moment of truth for ETH here at $1,835.
Sustained break above and we could see $1,890 next week.
Resistance for now.”
ETH is worth $1,831 at time of writing, just below Bennett’s highlighted level.
Moving on to king crypto Bitcoin, Bennett says today’s close will be important for the largest crypto by market cap.
“BTC bulls are trying to reclaim that $26,500-$26,700 area today.
Daily close will be key!”
Diving deeper in his Daily Price Action newsletter, Bennett further explores why today’s close is so key.
“Bitcoin closed below $26,500 on Wednesday for the first time since mid-March.
The level had served as key support for months before Wednesday’s breakdown.
However, the jury is out on whether that breakdown holds.
Bitcoin is testing the $26,500 level as new resistance today, and bulls are doing everything possible to close the session back above that mark.”
Bennett thinks that if BTC can reclaim the $26,500-$26,700 levels, they will flip back to support. Otherwise, BTC is headed for $25,000, according to the analyst.
“Where Bitcoin goes from there (if tested) depends on how the market reacts to channel support and the $25,200 horizontal level.
That said, don’t rule out a reclaim this week, especially given how indecisive markets have been this month.
A daily close above $26,500 and $26,700 would confirm the fakeout and expose $27,600 and likely the liquidation cluster at $27,800.”
BTC is worth $26,744 at time of writing, up 2% in the last 24 hours.
Featured Image: Shutterstock/delcarmat
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