Analysis

These are the key levels to watch for in BTC and ETH as the market is showing signs of uncertainty, according to KOL Justin Bennett

Prominent analyst Justin Bennett outlines what’s in store for Bitcoin (BTC) and Ethereum (ETH) as the crypto market shows signs of uncertainty.

In a new video, Bennett says BTC must break a key resistance area to pave the way for a rally to $50,000.

“What bitcoin needs to do now is just above $46,000… to confirm a breakout. With $46,200 as the key since this is the annual opening…

If that happens and we see a daily close above $46,200 then this zone [$ 45.659 – $ 46.215] turns to support and the next stop will be the $50,000 – $53,000 zone.”

BTC/USDT daily chart | The source: Justin Bennett/YouTube

Bennett also said Bitcoin is likely to be traced before it takes off.

“But I also think BTC could retest support here at around $42,000 or just below before moving higher.”

Bitcoin is trading at $42,385 at press time.

Moving on to Ethereum, Bennett says that the second largest cryptocurrency by market cap needs to turn the $3,250 resistance level into support to move higher.

“Ethereum needs to break above the resistance line ($3,250) to continue the uptrend. So, the bulls need to clear this zone on a daily close to turn it into support. If successful, the next target is $3,600.

Meanwhile, if we see a pullback, keep an eye in the $2,800-$2,900 zone.

This is where ETH could form a potential head and shoulders pattern.”

ETH/USDT daily chart | The source: Justin Bennett/YouTube

Analysts consider the formation of an inverse head and shoulders pattern as a bullish signal that suggests that a trend reversal is imminent.

Ethereum is trading at $2,903 at press time.

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.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.