Crypto enthusiasts are eagerly awaiting Ethereum (ETH) and Bitcoin (BTC) as a top analyst, Justin Bennett, shares valuable insights on their current status.
Ethereum $1,890 next week?
According to Bennett in his recent tweet, Ethereum is at a critical point around $1,835. This level determines ETH’s next move. Will it break above $1,890 next week? Will they resist? Ethereum is currently valued at $1,831, below Bennett’s important threshold. However, a break above USD 1,835 could push Ethereum towards USD 1,890 in the coming week, while resistance could spell a struggle.
The price of Ethereum is currently $1,831, close to this critical level.
Bitcoin price analysis
Related to this, Bennett highlights the importance of Bitcoin’s performance in today’s closing price in his recent Daily Price Action newsletter. Things are heating up as Bulls aim to reclaim the $26,500-$26,700 range and the daily close will provide crucial insights into the direction of the market. The crypto community eagerly awaits the outcome.
GM family ☕️$BTC bulls are trying to reclaim that $26,500-$26,700 area today.
Daily closure will be key!#Bitcoin https://t.co/N87DeO7DEc pic.twitter.com/2deq4ZPD2G
— Justin Bennett (@JustinBennettFX) May 26, 2023
In particular, Bitcoin’s recent close below $26,500, which occurred for the first time since mid-March, a support level that has been held for months, has raised concerns. Currently, BTC is testing this level as resistance, with bulls aiming to get close to it. If successful, the $26,500-$26,700 range could regain its support status. However, if BTC fails to regain this range, the analyst expects a potential drop towards $25,000.
Bitcoin’s trajectory, as it tests the support level, depends on how the market reacts to the channel support and the $25,200 horizontal level. Bennett advises against a chargeback this week given the market’s indecisiveness in recent times. A daily close above USD 26,500 and USD 26,700 would confirm a false breakout and clear the way for USD 27,600, with a potential liquidation cluster at USD 27,800.
