A prominent analyst says the leading smart contract platform Ethereum (ETH) is facing a big rally.
The person known in the industry as Justin Bennett told his 93,500 Twitter followers that Ethereum is currently in “monster bullish mode” after breaking out via a bullish continuation pattern in the Bitcoin pair (ETH / BTC).
“ETH / BTC has now broken out of 0.082 BTC ($ 4.138) and is rising. The target is 0.10-0.11 BTC ($ 5,047- $ 5,551), so there is still room for an upward move in the coming weeks. The target for a break above the January 2018 high is 0.16 BTC (8,075).
Weekly ETH / BTC chart | The source: Justin Bennett / Twitter
ETH / BTC is currently trading at 0.085 BTC, suggesting a potential 90% gain if the pair hits Bennett’s second target.
As for the USD pair, the crypto strategist says the second largest cryptocurrency by market capitalization remains relatively bullish despite last weekend’s deep correction.
“I think it’s ridiculous that many are suggesting on Twitter that the recent sharp decline signals the end of the bull cycle at ETH. It is currently only 14% below its all-time high. Don’t panic, hold important support levels, see it as an opportunity. ”
ETH / USDT daily chart | The source: Justin Bennett / Twitter
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