A closely followed cryptocurrency strategist believes that Ethereum (ETH) is now firmly positioned to hit a new all-time high.
Trader Justin Bennett tells his 115,200 followers on social media platform
According to Bennett, if ETH continues to strengthen against the Bitcoin pair (ETH/BTC), Ethereum could quickly make a run for it.
“We are bullish on ETH while exceeding $3,950 with a $5,000 target.
If ETH/BTC can flip the 4% area on the weekly chart, it could happen quickly.”
Looking at the ETH/BTC chart, the cryptocurrency strategist says Ethereum is likely to gain further bullish momentum if it turns the 0.04 BTC resistance into support.
“It would be really interesting for ETH if ETH/BTC can reclaim this channel on the weekly chart.
Test your resistance now.”
As of this writing, ETH/BTC is trading at 0.04 BTC, equivalent to $3,997.
Looking at the top memecoin, Dogecoin (DOGE), traders believe the altcoin is on the verge of a major breakout en route to hitting new all-time highs.
“The new DOGE ATH (highest ever) seems like a formality at this point.
There was good consolidation on the daily chart.”
DOGE surged to $0.7316 in May 2021, currently hitting an all-time high. Based on the trader charts, he appears to be predicting that DOGE will explode above $0.76.
In the near term, Bennett said DOGE would need to break resistance at $0.45 to start a rally.
“If you are trading, you will want to see a clear breakout of this level on the intraday chart.
There is at least +20% above the trend line towards the top of the channel. Someone to watch.”
As of this writing, Dogecoin is trading at $0.456.
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