Cryptocurrency Trader Foresees Upcoming Surges for Ethereum, Believes Fresh Dogecoin Peak is Inevitable
A crypto analyst who is widely followed is of the opinion that Ethereum (ETH) is currently poised to surpass prior record highs.
Justin Bennett, a market expert, has informed his 115,200 followers on social media network X that as long as ETH trades above a key support level, the market trajectory remains bullish for Ethereum.
Bennett suggests a swift rise for Ethereum if the ETH/BTC pairing shows continued outperformance.
“Optimistic on ETH remaining over the $3,950 mark with eyes on a $5,000 target.
This could materialize swiftly if ETH/BTC can breach the 4% threshold on the weekly timeframe.”
Bennett observes that for the ETH/BTC chart, a breakthrough above the 0.04 BTC resistance could significantly energize a bullish momentum for Ethereum.
“ETH becomes particularly intriguing if it can reclaim its position within this channel on the weekly chart.
Currently contesting resistance.”
As of the time of writing, the ETH/BTC pair is exchanging hands at 0.04 BTC, which is equivalent to $3,997.
As for the leading memecoin Dogecoin (DOGE), the analyst envisions a potential major breakout propelling it towards a new all-time peak.
“A fresh DOGE all-time high appears to be almost guaranteed at this juncture.
There’s prominent consolidation apparent in the daily chart.”
Bennett’s charts indicate that DOGE, which hit its topmost value to date in May 2021 at $0.7316, may now surge beyond $0.76.
Short-term projections by Bennett suggest that DOGE must break past the $0.45 resistance level to kickstart its rally.
“For active traders, the goal is to witness a decisive breach of this threshold on the intraday charts.
There is potential for a +20% upward move from this trend line to the upper boundary of the channel. Worth monitoring.”
Currently, Dogecoin is priced at $0.456.
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Disclaimer: The views expressed at The Daily Hodl do not constitute investment advice. Investors are encouraged to conduct their own research when engaging in high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be aware that your trades and transactions are at your own risk, and you are solely responsible for any losses you may incur. The Daily Hodl is not an investment advisor and is not involved in the buying or selling of cryptocurrencies or digital assets. The Daily Hodl engages in affiliate marketing programs.
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