The crypto market seems to be suffering a new correction in prices and the most important coins are looking pretty bloody today. At the moment of writing this article, ETH and BTC are both trading in there and BTC is priced just a bit above $41k.
It’s been just reported that traders should watch to see if Ethereum (ETH) is able to cross an important level against Bitcoin (BTC) in the near future, according to crypto analyst Justin Bennett.
Bennett said that recent trend lines indicate Ethereum needs to get above 0.073 Bitcoin to start outpacing BTC in the next few months.
“Until that time, the ETH/BTC chart is really just kind of in sideways mode right now.”
If ETH closes below 0.065555 BTC, it’s likely to move all the way down to 0.063 BTC ($2756.19) – this is what Bennett believes.
Regarding ETH’s USD price, the analyst notes that the last time Ethereum made a higher high in price was in early November.
Bennett also made sure to note that $3,200 is the next key area for Ethereum to hit if it’s going to break out in March.
“We’ve seen lower highs over the last few months. It’s going to take that first higher high in order to really push this market higher up toward potentially $3,600 this month.”
Bitcoin’s bounce trigger was analyzed
Just the other day, we were revealing that Bitcoin was able to make a spectacular price bounce, and more investors are wondering what the specific trigger is. Check out the latest reports which are trying to shed some light on this issue.
An important crypto analyst was recently searching for clues as to why Bitcoin (BTC) suddenly broke to the upside – this was after weeks of price action that had been sideways at best.
In a new strategy session, the host of financial education YouTube channel InvestAnswers talked about some potential scenarios which included geopolitical and technical.
