dailyhodl.com
A closely followed crypto trader believes that conditions are nearly ripe for Ethereum (ETH) to witness a surge to fresh record highs.
Crypto strategist Justin Bennett tells his 115,400 followers on the social media platform X that it’s only a matter of time before Ethereum fully reclaims resistance at $4,000 as support.
According to Bennett, Bitcoin has been on a grind-up this month and traders will eventually rotate some of their BTC profits to ETH to capture more upside potential.
“ETH has struggled at $4,000 for obvious technical reasons, and BTC has stolen the show so far in December.
But I’m betting we will see some of those Bitcoin profits flow into Ethereum soon.
If ETH can clear $4,000-$4,100, there isn’t much stopping a sprint to $4,800 and potentially mid $5,000 to complete this channel.
Time for a new Ethereum ATH (all-time high).”
At time of writing, Ethereum is trading for $3,873.
For the rest of December, Bennett thinks that the two largest crypto assets by market cap will outperform the rest of the digital asset market.
“Focusing on BTC and ETH for the next two weeks makes the most sense, IMO (in my opinion).
Alts will have their time again, but probably not before we see some crazy bullish moves from Bitcoin and Ethereum through the end of the year.”
Looking at Bitcoin itself, the trader says that BTC is in the midst of a Christmas rally, and he expects the crypto king to shatter its diagonal resistance en route to new all-time highs.
“Bitcoin going full Santa Claus mode.
Pullbacks might be hard to come by through the end of the year, especially with the speculation of BTC becoming a US reserve asset under Trump.
Wouldn’t be surprised to see $116,000 or even $125,000 through the end of December.”
At time of writing, Bitcoin is trading for $106,339.
Generated Image: Midjourney