Bennett revealed that he intends to buy ETH at around $3,000 as he expects the market to turn around that point
Crypto analyst Justin Bennett has predicted what he expects to see from Ethereum this month, even as crypto markets dwindle and continue on a downward trend.
Last Friday, Bennett outlined in a video that Ethereum must recover towards a crucial level over the next few weeks, which he defined as the region around $4,000. The crypto strategist noted that he sees this as a necessity for Ether to have a chance at restoring a major bullish run.
“As long as ETH is below $4,000, you have to be a little bit careful. If we do see Ethereum over the coming weeks and months reclaim this area up here at $4,000 on a weekly and monthly closing basis, then yes, I do think we’re going to a continuation of the trend that we saw in 2021,” he said.
Bennett plans to enter the market at $3,000
The analytics expert also looked at the comparative performance 0f the Ethereum-Bitcoin (ETH/BTC) trading pair. He noted that ETH could be breaking out of a bullish triangle, somewhat a mini-version of what it did between 2017 and 2020.
He further observed that Ether might be ready to go on a long run towards reaching 0.18 BTC and outperform Bitcoin if it holds the 0.075 BTC support point.
“Over the longer term, I would expect this market to trend higher up here [0.18 BTC] to this area. Of course, it all comes down to 0.075 in the short term. So, we want to see this market stay above that in order to see Ethereum continue to outperform Bitcoin over the short term.”
Given the current environment, Bennett explained that his strategy is to accumulate Ether when it dips to $3000. He expects the market to start an uptick from this point.
Ether price sunk to a three-month-low of $3,020 during Saturday’s late trading session. The token managed to bounce back slightly, peaking at $3,206 yesterday. It, however, slumped hours later and is down to $3,117, according to data from coinmarketcap.
Ether trading chart over the last 7 days
The native token on Ethereum is down 18.63% in the last seven days, with only Solana (20.04%) posting a more significant plunge among the top five cryptocurrencies by market capital.