coinquora.com
Crypto analyst Justin Bennett explored the two largest crypto assets by market cap. According to Bennett, traders should be in the lookout if Ethereum (ETH) can cross an important level against Bitcoin (BTC) in the near future.
We’ve seen lower highs over the last few months. It’s going to take that first higher high in order to really push this market higher up toward potentially $3,600 this month.
Justin Bennett (crypto analyst)
Moreover, Justin Bennett uploaded a video on his YouTube channel with 10,200 subscribers. In the video, he explains that the recent trend lines indicate ETH needs to get above $3,193.68 to start outpacing BTC in the next few months.
However, if ETH closes below $2,867.97, it is likely to move all the way down to $2,756.19, according to Bennett. Meanwhile, he notes that $3,200 is the next key area for Ethereum to hit if it is going to break out in March.
At time of writing, BTC is traded at $41,338.36, with a 24-hour trading volume of $27.2 billion. The top-ranked crypto asset by market cap is up by 7.66% over the week. In comparison, the second-largest crypto ETH is traded at $2,724.08, showing a 4.90% growth in the past seven days.
Likewise, in terms of ETH/USD price, Bennett notes that the last time Ethereum reached a higher price was in early November. But, since early December 2021, ETH has been hitting lower highs.
Meanwhile, on a Twitter post by glassnode alerts, the data show that the number of ETH addresses holding 0.1+ coins reached an ATH of 6,966,634. Surpassing the recent ATH of 6,966,041 on March 03.