A widely followed crypto analyst says that Ethereum (ETH) faces a “moment of truth” as it charts the potentials for Bitcoin’s (BTC) next big move.
Cryptocurrency trader Justin Bennett says his 112,500 Twitter followers that the ETH price to keep an eye on is $1,835.
“Moment of truth for ETH here at $1,835.
Sustained break above and we could see $1,890 below week.
Resistance for now.”
ETH is worth $1,831 at the time of writing, just below the highlighted Bennett level.
Moving on to Bitcoin crypto king, Bennett says Today’s close will be important for the largest crypto by market cap.
“BTC bulls are trying to recapture that $26,500-$26,700 area today.
The daily closure will be key!”
Digging deeper in his Daily Price Action newsletter, Bennett further explores why today’s close is so key.
“Bitcoin closed below $26,500 on Wednesday for the first time since mid-March.
The level had served as key support for months before the collapse on Wednesday.
However, the jury is out on whether that breakdown holds.
Bitcoin is testing the $26,500 level as new resistance today, and the bulls are doing their best to close the session above that mark.”
Bennett believes that if BTC can recapture the $26,500-$26,700 levels, they will return to support. Otherwise, BTC is heading for $25,000, according to the analyst.
“Where Bitcoin goes from there (if tested) depends on how the market reacts to channel support and the $25,200 horizontal level.
With that being said, do not rule out a rally this week, especially given how indecisive the markets have been this month.
A daily close above $26,500 and $26,700 would confirm the fakeout and expose $27,600 and likely the sell-off pool at $27,800.”
BTC is worth $26,744 at the time of writing, up 2% in the last 24 hours.
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