According to top analysts, Ethereum single-handedly holds the entire altcoin market
Prominent analyst Justin Bennett said he expected the entire altcoin market to struggle until Ethereum gives them the signal they need.
In a new analysis, Bennett says that Ethereum’s uptrend line could decide the fate of the altcoins from November 2020.
“I usually don’t limit the direction of the market to a single level. With Ethereum, however, I’m ready to make an exception. There was an uptrend line that started last November and ETH broke it during the recent sell-off. As long as the ETH price stays below this line, altcoins will stagnate and remain vulnerable …
I haven’t seen anyone talk about this trend line in ETH / USD, but it keeps the market low. “
ETH / USD daily chart | Source: Justin Bennett
Bennett says Ethereum will need to reclaim $ 2,430 in order for ETH and the rest of the altcoin market to move higher. Otherwise, there will be another recession.
“Until then, expect crypto to struggle. Lastly, there is also a short-term uptrend line near $ 2,300. If that line breaks, we could see ETH / USD drop to $ 2,000 and maybe even $ 1,700. “
While he sees the possibility of another downtrend for altcoins if ETH fails to regain that uptrend line, the analyst says a break above it could mean a major long-term rally. He suggested that Ethereum could hit $ 10,000 by 2022 if the crypto market is in the middle of a bull market rather than the beginning of a bear market.
“That doesn’t mean that ETH / USD can’t stay above it.
This trend line will also allow ETH to move strongly north if this cycle is extended. The goal is $ 10,000 by 2022. “
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Dailyhodl