Closely followed crypto analyst Justin Bennett is unveiling what he thinks is in store for Ethereum this January as ETH continues its downtrend.
In a new strategy session, Bennett says that he’s looking to scoop up ETH around the $3,000 level, currently about 4% away from current prices.
According to the crypto strategist, Ethereum must reclaim a crucial level to have a shot at resuming its macro bull trend.
“As long as ETH is below $4,000 you have to be a little bit careful. If we do see Etheruem over the coming weeks and months reclaim this area up here at $4,000 on a weekly and monthly closing basis, then yes, I do think we’re going to a continuation of the trend that we saw in 2021.”
The analyst also takes a look at Ethereum in its Bitcoin pair (ETH/BTC). Bennett says that ETH/BTC may be breaking out of a bullish triangle, playing out a smaller version of what it did between 2017 and 2020.
Source: Justin Bennett/YouTube
The crypto analyst says that ETH/BTC could be ready to start a long-term rally to the 0.18 BTC ($7,388) if it manages to cleanly hold 0.075 BTC($3,077) as support.
“Over the longer term, I would expect this market to trend higher up here [0.18 BTC] to this area. Of course, it all comes down to 0.075 in the short term. So we want to see this market stay above that in order to see Ethereum continue to outperform Bitcoin over the short term.”