According To Analysts ETH Move Will Define Its Future
According to a well-known crypto analyst, Ethereum (ETH) is preparing for a significant shift that might determine whether it outperforms Bitcoin (BTC) in the next year.
The ETH/BTC pair is likely to make a choice shortly as it reaches the end point of a symmetrical triangular pattern, Justin Bennett informs his 111,600 Twitter followers.
“This multi-year pattern will likely determine whether Ethereum outperforms or underperforms Bitcoin in 2023.”
At the time of writing, the price of ETH/BTC was 0.075 BTC ($1,261), putting Bennett’s diagonal barrier in jeopardy. A bullish ETH/BTC combination predicts that Ethereum will advance more quickly than Bitcoin.
Bennett notes that Bitcoin, the leading cryptocurrency, is now bullish after taking off its diagonal resistance on the lower timeframe.
“A lot of upside for BTC if it can crack this level.
I’m just waiting to see what we get here. Bitcoin.”
Bitcoin is now trading for $16,840, which is essentially over Bennett’s main resistance zone. The next BTC resistance levels, according to the analyst’s chart, are $16,981, $17,550, and $18,160.
The utility token of the cryptocurrency exchange Binance, Binance Coin (BNB), is another item on the crypto strategist’s radar. Bennett cautions that the cryptocurrency may be preparing for a corrective move since BNB is now trading below its four-year diagonal support.
“BNB has broken its 2018 trend line.”
BNB is now trading at $304, up more than 4% from the previous day but still below Bennett’s trend line.
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