A closely followed crypto strategist says that Ethereum (ETH) is gearing up for a big move that could dictate whether it outperforms Bitcoin (BTC) next year.
Justin Bennett tells his 111,600 Twitter followers that the ETH/BTC pair is about to make a decision soon as it approaches the end point of a symmetrical triangle pattern.
“This multi-year pattern will likely determine whether Ethereum outperforms or underperforms Bitcoin in 2023.”
At time of writing, ETH/BTC is trading at 0.075 BTC ($1,261), threatening to take out Bennett’s diagonal resistance. A bullish ETH/BTC pair suggests that Ethereum will outpace Bitcoin’s gains.
Looking at Bitcoin, Bennett says the king crypto appears short-term bullish after BTC took out its diagonal resistance on the lower timeframe.
“A lot of upside for BTC if it can crack this level.
I’m just waiting to see what we get here. Bitcoin.”
At time of writing, Bitcoin is switching hands for $16,840, effectively above Bennett’s key resistance area. Based on the analyst’s chart, the next resistance areas for BTC are $16,981, $17,550 and $18,160.
The crypto strategist is also keeping an eye on Binance Coin (BNB), the utility token of crypto exchange Binance. Bennett warns that BNB is now trading below its four-year diagonal support, suggesting that the altcoin could be setting up for a corrective move.
“BNB has broken its 2018 trend line.”
At time of writing, BNB is changing hands for $304, up over 4% on the day but still below Bennett’s trend line.
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.
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