💦💦As Ethereum Continues Sideways Movement, Analyst Points to This Level: Will It Flow from BTC? 💦💦
Crypto analyst Justin Bennett, in his assessment of Ethereum's (ETH) price movement, stated that the fact that it could not exceed the $ 4,000 level led to the continuation of the sideways price movement.
Bennett, drawing attention to the liquidity accumulation at the $ 3,800 level in particular, stated that the price could move towards this level. According to the analyst, Ethereum could test the low levels on December 14 and 15, which could increase the possibility of closing the 3.56% imbalance in the ETH/BTC parity.
Bennett, stating that Bitcoin (BTC) could continue to rise throughout December, emphasized that this situation could create a breakout opportunity for Ethereum:
“Bitcoin will most likely continue to move upwards in December. There is no reason to think otherwise. However, some of the 3.56% BTC gains in the ETH/BTC pair may shift to Ethereum. We will see this in time.”
Bennett’s analysis indicates that despite Ethereum’s short-term sideways movement, potential profit flows from Bitcoin could create a breakout in Ethereum. In particular, ETH’s failure to break the $4,000 resistance strengthens the possibility that the price will test the liquidity at $3,800 in the short term.
The analyst thinks that with the funds that will flow from Bitcoin to Ethereum, ETH could exceed $4,000 and then show an increase towards $5,000.
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