Ethereum is bracing for an impending move that could dictate its performance for next year, says top analyst

A closely-watched crypto strategist says Ethereum (ETH) is gearing up for a big move that could dictate whether it outperforms Bitcoin (BTC) next year.

Justin Bennett tells his 111,600 Twitter followers that the ETH/BTC pair is on the verge of making a move as soon as it approaches the endpoint of a symmetrical triangle pattern.

“This multi-year pattern will likely determine whether Ethereum outperforms or underperforms Bitcoin in 2023.”

Source: Justin Bennett/Twitter

At the time of writing, ETH/BTC is trading at 0.075 BTC ($1,261), threatening to remove Bennett’s diagonal resistance. A bullish ETH/BTC pair suggests that Ethereum will overtake Bitcoin’s gains.

Looking at Bitcoin, Bennett says the crypto king looks bullish in the short term after BTC removed its diagonal resistance on the lower timeframe.

“A lot of upside for BTC if it can break this level.

Just waiting to see what we get here. Bitcoin. »

Image
Source: Justin Bennett/Twitter

At the time of writing, Bitcoin is changing hands for $16,840, which is effectively above Bennett’s key resistance zone. Based on the analyst’s chart, the next resistance zones for BTC are $16,981, $17,550, and $18,160.

The crypto strategist is also keeping tabs on Binance Coin (BNB), the utility token of crypto exchange Binance. Bennett warns that BNB is now trading below its four-year diagonal support, suggesting the altcoin may be bracing for a corrective move.

“BNB broke its 2018 trend line.”

Image
Source: Justin Bennett/Twitter

At the time of writing, BNB is changing hands for $304, up more than 4% on the day but still below Bennett’s trend line.

Don’t miss a beat – Subscribe to receive crypto email alerts straight to your inbox

Check Price Action

follow us on TwitterFacebook and Telegram

Surf the Daily Hodl Mix

Check the latest news headlines

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Featured Image: Shutterstock/IG Digital Arts/oneshot1

Leave a Comment