Top Analyst Warns of More Downside Risk for Ethereum (ETH) – Here’s His Target

Closely followed crypto analyst Justin Bennett says that Ethereum (ETH) faces further downside risk before it has any chance of breaking new all-time highs.

In a video update, Bennett tells his 100,000 Twitter followers that the crypto market have a little further to go until it finds a true bottom.

He also says that he expects Ethereum to bottom out at the diagonal support of its ascending channel.

“If you’re a bear like me, then you’re looking for a close below $2,950. I do want to clarify that over the next couple of weeks I am bearish. However, I do want to buy at my short-term target for Ethereum.

That target for this market is going to be right between $2,500 and $2,600. The reason for that is, first of all, we have these lows back here (March 2020), so that’s pretty obvious… That’s going to be support. We also have the bottom of this ascending channel that also comes in around that same area.”

Source: Justin Bennett/Twitter

At time of writing, Ethereum is exchanging hands for $2,855, below Bennett’s line in the sand.

The analyst is also watching TOTAL, which puts the market cap of all cryptocurrencies on one chart. According to Bennett, TOTAL has also breached a support level in a very clean technical fashion, suggesting that a significant correction across the crypto markets is in sight.

“It doesn’t get much cleaner than this.

TOTAL.”

Image
Source: Justin Bennett/Twitter

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

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

Featured Image: Shutterstock/wacomka/Natalia Siiatovskaia

Source: https://dailyhodl.com/2022/04/25/top-analyst-warns-of-more-downside-risk-for-ethereum-eth-heres-his-target/