Analyst Justin Bennett presents a very bullish scenario regarding the price of Ethereum (ETH). According to his analysis, the value of the cryptocurrency could reach 730% in the coming months.
In an analysis of 72,000 followers on TwitterBennett explained the basics of his analysis. Initially, the analyst highlighted the long ascending channel that has formed since March 2020.
But this channel is still forming, according to his analysis. Thus, Bennett expected this channel to continue until April 2022, that is, during the next six months.
He asked, “What if this rising channel continues?” Then anticipate the ultimate ETH target at around $29,000, or around R$159,000 at the current price.
More golden opportunities
However, market gains are not limited to the second largest cryptocurrency. In fact, the analyst said that the altcoin market in general could present some golden opportunities.
Among other digital currencies, VeChain (VET) has gained further analysis. Bennett notes that the cryptocurrency saw two false bullish breakouts in September, but is now preparing for a real appreciation.
“The vet has had two false positives since September. However, it retraced the April trend line on Tuesday (5). As long as BTC continues to act, it will remain hours of altcoins,” he said.
In this sense, the analyst anticipates at least two major resistances to VET. The first is in the range of $0.24, which is a 105% increase over its current price of $0.11.
However, the second movement is more severe, as if this resistance is broken, the vet should continue the upward trend until March. Like ETH, this projection marks the end of a bullish channel in VET. Then comes a new resistance expected at $2.40.
Should this movement occur, VET would reach an overall appreciation of 2.181% compared to the current market price of Cryptocurrency.
However, as Bennett points out, this performance needs help from BTC. In other words, the largest cryptocurrency in the market needs to maintain its upward trajectory. So far, BTC is doing its part.
“Oh Bitcoin It still needs a break of $65,000 to signal the continuation of the bull market. This is the key to achieving higher prices. However, the macro image is beginning to change. BTC set the first major benchmark for the biggest tops and bottoms since April,” Bennett explains.
At the time of writing, BTC maintains strong support at $54,000, giving it more strength to reach the next resistance, expected at $60,000 according to Bennett.
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