Cryptocurrency strategist Justin Bennett has shared optimistic forecasts for Ethereum (ETH) and Dogecoin (DOGE), asserting that both coins have the potential for significant upward movement. He highlights the importance of key support levels for ETH to achieve new heights, while predicting a notable rally for DOGE in the near future.
Can Ethereum Reach New Heights?
Bennett emphasizes that Ethereum must remain above the $3,950 mark to stay on track for a target of $5,000. He states, “If the current support levels hold, the bullish trend will persist.” The strategist also points to the ETH/BTC trading pair, suggesting that a rise above 0.04 BTC would signal further gains for Ethereum. “If ETH/BTC reclaims this level, Ethereum’s upward momentum will accelerate,” he noted.
At present, Ethereum’s price is around $3,997, with Bennett underscoring the criticality of not falling below the support level of $3,950. This position is vital for Ethereum’s performance in the weekly market, and he adds, “Breaking out of the ETH/BTC channel will propel Ethereum to new peaks.”
What Are the Prospects for Dogecoin?
Bennett forecasts that Dogecoin could potentially exceed its previous all-time high of $0.7316 from May 2021. He explains, “If DOGE breaches the $0.45 resistance, a substantial surge could begin. The current consolidation on daily charts may signal a major rally ahead.”
As DOGE currently trades at $0.456, Bennett believes a clear break above $0.45 could lead to at least a 20% increase in price. He further states, “If DOGE surpasses this resistance, it will clear all hurdles and reach unprecedented heights.” His target for Dogecoin is set at $0.76 in the upcoming timeframe.
- Ethereum’s price is currently at $3,997, with support at $3,950.
- Breaking the $0.45 resistance for Dogecoin could trigger a significant rally.
- Both cryptocurrencies’ movements are contingent on the general market trend.
Bennett’s predictions provide essential insights for traders in both Ethereum and Dogecoin, particularly as they navigate the fluctuating cryptocurrency landscape. Observing these support and resistance levels will be crucial as market dynamics evolve.