Crypto analyst Justin Bennett has warned that the rising trend of Bitcoin (BTC) could come to an end and has specified a particular target price for Ethereum (ETH). Bennett emphasized the need for caution when ETH reaches this target.
Bennett mentioned that Bitcoin is moving within a large ascending channel on the daily chart, and the horizontal resistance is approximately $48,000. The analyst stated that BTC is targeting the range between $46,000 and $48,000 and expects a correction after reaching this level.
Anticipating that Bitcoin could fall below $38,000 after reaching the target level, Bennett noted that BTC was trading at $43,854, up 1.33% in the last 24 hours at the time the article was prepared. He said that BTC needs to increase by at least $2,200 more to reach the level he calls the danger zone.
Highlighting that Ethereum (ETH) appears ready for a stronger rally after breaking out of a rising triangle formation on the weekly chart, Bennett said that ETH is targeting $2,500 and that the $2,100 level must be maintained as support.
Bennett forecasted a strong correction after Ethereum’s price reaches the $2,500 target and suggested that this move could be a long sweep. He pointed out that ETH was trading very close to the analyst’s indicated $2,500 target at $2,362 at the time the article was written.