Popular crypto analyst Justin Bennett isn’t sold on the recent Ethereum (ETH) rally yet because he thinks crypto is still in a bear market.
In a new YouTube video, Bennett tells his 11,200 subscribers that he expects new lows later this year for ETH because its chart is flashing a bearish signal.
“So the Ethereum chart right now, as you can see, it is still carving higher highs and lower lows ever since the July low back here. So we’ve had higher highs and higher lows from this market, so the relief rally right now is technically still intact…
However, those two diagonals don’t look all that healthy, because this right here is a rising wedge, and typically when you get a rising wedge within a larger downtrend like we’ve had recently, because, let’s face it, the crypto market is still in a bear market, then this right here leads to exhaustion from buyers and typically a rotation lower.”
Bennett says it is key in the coming days for Ethereum to maintain the support level of $1,810. Any daily close below $1,830 would look bearish, according to the analyst.
ETH is trading at $1,883 at time of writing. The second-ranked crypto asset by market cap is down more than 1% in the past 24 hours.
I
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
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/issaro prakalung
Source: https://dailyhodl.com/2022/08/17/top-crypto-analyst-warns-ethereum-eth-rally-likely-to-fail-this-month-heres-why/