A prominent cryptocurrency trader is optimistic about Ethereum’s potential for a significant price surge in the near future. Justin Bennett, a well-known crypto strategist, shared his insights with over 115,000 followers on X, stating that Ethereum is on the verge of reclaiming the $4,000 resistance level and setting new record highs.
Bennett pointed out that Bitcoin has been steadily rising throughout the month, leading him to believe that traders will soon shift their profits from Bitcoin to Ethereum to capitalize on the potential for further gains. He highlighted the technical challenges Ethereum has faced at the $4,000 mark but expressed confidence that a breakthrough could lead to a rapid climb towards $4,800 and possibly even surpassing $5,000.
As of the latest update, Ethereum is currently trading at $3,873. Bennett also predicted that both Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, will outperform the rest of the digital asset market in the remaining weeks of December. He advised focusing on these two assets for the time being, anticipating bullish movements that could drive their prices higher by the end of the year.
When it comes to Bitcoin, Bennett observed a Christmas rally underway and anticipated that the leading cryptocurrency would surpass its diagonal resistance levels to reach new all-time highs. He suggested that pullbacks may be scarce in the coming weeks, especially with speculation surrounding Bitcoin potentially becoming a US reserve asset under the Trump administration. Bennett even suggested that Bitcoin could reach $116,000 or even $125,000 by the end of December.
At the time of writing, Bitcoin is valued at $106,339. To stay updated on the latest developments in the cryptocurrency market, Bennett encouraged readers to subscribe for email alerts and follow The Daily Hodl on various social media platforms. The post also included images sourced from Justin Bennett’s X account and Midjourney for visual reference.
In conclusion, with Ethereum and Bitcoin poised for significant price movements in the coming weeks, investors and traders are advised to closely monitor these assets for potential opportunities. As the cryptocurrency market continues to evolve, staying informed and being prepared for market fluctuations is crucial for navigating this dynamic space effectively.